One Texas state representative wants to make it easier to identify economic growth and development opportunities presented by blockchain technology and assess the current blockchain industry in Texas, as cryptocurrencies are becoming more relevant in today’s economies.
Parker’s bill (also filed last session under HB 4517) would allow for the formation of a blockchain workgroup to identify cryptocurrency priorities and delve deeper into the process.
Blockchains are a part of cryptocurrency and are essentially a full transaction history attached to each “dollar.”
The blockchain stores transaction data of that crypto chronologically to enable easy audits, and each block is timestamped and linked as more transactions with that “dollar” occur. The blockchain ledger removes the need for third parties to make a transaction.
Parker’s effort is aimed at steering the Texas industry to gain the competitive advantages provided by blockchain, such as product traceability, counterfeit prevention, and automation of business contracts.
Currently, Texas is listed as a reactionary state, meaning the state has more often than not taken a negative position against cryptocurrencies and blockchains, or has flagged them as potentially risky. However, bills favorable to blockchains and cryptocurrency have passed, such as HB 1859 last session. HB 1859 is a bipartisan law which allowed the employment of electronic databases and networks that utilize blockchains or digital ledgers.
Texas Scorecard reached out to Parker’s office, and his staff responded that he hopes to put forward more than one blockchain bill this session.