A California Senator’s blockchain bill is advancing in the State Legislature. Senator Bob Hertzberg, a Democrat representing the San Fernando Valley, has introduced a bill that would allow blockchain technology into formal documentation known as a corporation’s articles of incorporation throughout the state of California. Senator Hertzberg presented the bill, dubbed SB 838, to the Senate Banking and Financial Institutions Committee in recent days, which he says is a “first step” to unveil the decentralized technology to the state.
SB 838 is designed to introduce cryptography-fueled security into the issuance and transfer of corporate share certificates, which would be “recorded and kept on or by means of blockchain technology or one or more distributed electronic networks, as specified,” according to the bill text.
In addition to issuance and transfers, the bill extends to “the names of all of the corporation’s stockholders of record, the address and number of shares registered in the name of each of those stockholders.”