New York officials looking into four bills about blockchain

New York lawmaker introduced four new bills to research possible uses of blockchain by the state government
04 December 2017   581

Assemblyman Clyde Vanel proposed four new bills in effort to establish legal background of blockchain and study the possible implementation of blockchain protocol in state affairs.

The first bill is centered around legal definition of blockchain and smart contracts. It alows to update New York's technology law to legally recognize blockchain and its digital signatures.

The second bill establishes a research project for state board of elections into possible usage of blockchain technology in protection of voter records and election results. A year is given to make a report whether the platform can prevent or lessen the amount of voter fraud, improve the security on digital voting platforms and more efficiently count and share voting results.

The third bill would, if passed, also create a research team looking into possibility of government using blockchain to securely store records and quickly exchange information. This was already tried in Vermont in 2016, but wasn't approved by local authorities. At least one public hearing would be held during the study.

The fourth bill is proposing the creation of a special digital currency task force to evaluate the impact of cryptocurrencies on New York financial sector.

Similar efforts were made in Arizona earlier this year and in Vermont in 2016. Vermont government in the end declared the cost of blockchain implementation too high to consider any possible benefits. Arizona, in turn, passed the law and updated its Electronic Transaction Act making blockchain signature equal in force to electronic signature and blockchain-driven smart contracts to be legally binding as any other electronic contract.

 

'Kodak Miner' Turned Out to be a Scam

KashMiner by Spotlite USA was promoted as Kodak branded bitcoin miner 
17 July 2018   132

The KashMiner bitcoin miner, exhibited at the Kodak stand during the CES technology show in Las Vegas, was in fact a product designed to mislead potential consumers and with a potentially unattainable potential return. This is reported by BBC.

Spotlite USA is licensed by Kodak's lighting division, which allows it to use the famous brand in its products. In January 2018 the company introduced its miner and announced that it intends to lease it. According to its business plan, potential users had to pay a commission before getting the device. It was expected that after depositing $ 3,400, the customer will receive a device that will allow him to easily cover expenses and receive revenue from bitcoin mining.

However the company did not have an official Kodak license to use the brand in the production of mining equipment and initially overstated the indicators of the potential profit of its device, refusing to take into account the growing complexity and costs of bitcoin mining. The advertising materials reported that KashMiner brings $ 375 a month, which, subject to a 2-year contract, would allow the client to receive $ 5,600 of profit after paying a commission. Experts from the industry of cryptocurrency call this offer a scam.

There is no way your magical Kodak miner will make the same $375 every month.
 

Saifedean Ammous

Economist

CEO Spotlite USA Halston Mikail previously reported that he plans to install hundreds of miners at the headquarters of Kodak. According to him, he already managed to place 80 miners there, but the Kodak spokesman denied this information.

While you saw units at CES from our licensee Spotlite, the KashMiner is not a Kodak brand licensed product. Units were not installed at our headquarters.
 

Kodak Spokesman

In a phone call with the BBC, Spotlite's Halston Mikail said the US Securities and Exchange Commission (SEC) had prevented the scheme from going ahead.