CARSON CITY, Nev. — Blockchain technology, officially recognized in Nevada since a law passed in 2017, has attracted about $300 million in investments statewide, according to Blockchains LLC.
Four more bills, all sponsored this legislative session by Sen. Ben Kieckhefer, R-Reno, who sponsored the earlier legislation, will further lay the groundwork for the technology, said Matthew Digesti, vice president, Government Affairs and Strategic Initiatives, at the Storey County-based startup.
The four bills — Senate Bills 161 through 164 — would, among other things, define a virtual currency and allow businesses to maintain certain records via blockchain technology.
Digesti and Stephanie Sciarani, vice president of operations for Blockchains LLC, provided a primer on the technology and where it’s headed at the Northern Nevada Development Authority breakfast held April 24 at the Casino Fandango convention center.
“We’ll attempt to demystify blockchain technology for you,” said Digesti.
Digesti said the technology essentially eliminates the middleman in many everyday transactions and saves time and money.
“Blockchain is a ledger in its purest form,” said Digesti.
It’s distributed across a network of peers. A transaction generates a hash, which if approved by all peers on the network, turns into a block, and multiple blocks in the transaction form a chain. Cryptography protects the data.
Sciarani gave examples of applications, including smart contracts which can be created, executed and disputed outside the already overburdened court system.
“So Matt agrees to buy my car on May 1. On May 1, the money is automatically deducted from his account, the title is automatically changed. It builds in a dispute resolution mechanism,” said Sciarani. “We can keep those breach of contract cases out of court.”
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