The Reform to use the blockchain in identity insurance

The innovation enables people to control their personal data
28 November 2017   241

The Reform think tank is planning to use the blockchain to reform a digital system of identity insurance. Earlier the UK government tried to implement Gov.uk Verify but there was no opportunity to provide assurance of the data. It was for this reason that HMRS and other departments used their own technologies and systems.

As Reform noticed, using of the blockchain will help to supply only up-to-date information. People will be able to look through their personal data and decide independently whether or not to permit access to their profiles. Users will be able to change information about themselves, including biometrics, in special app for smartphones.

According to Reform’s opinion, the UK government should follow the example of Estonia and give back to people the right to monitor their personal data. The innovation assures citizens that their information is secured and they can deny access to suspicious characters.

 

Wyoming Passed Bill Exempting Utility Tokens from Securities Laws

The Wyoming House of Representatives has unanimously approved a bill exempting utility tokens from securities laws  
20 February 2018   71

On Monday, House Bill (HB) 70 passed the House 60 to 0 and will now head to the Senate. The bill exempts utility tokens from securities laws. This will attracts ICO’s launches to the state and will make the state a favorable environment for blockchain startups.

According to the bill, the utility token must meet three conditions:

  1. The token’s issuer must not market it as an investment;

  2. The token must be exchangeable for goods and services, for example, startups must have a working product or service at the time the tokens are issued;

  3. The token’s issuer must not actively make efforts to create a secondary market for the token by entering into a repurchase agreement or agreeing to locate buyers for the token.

It is important to note that there are four more cryptocurrency and blockchain-related bills currently moving through the Wyoming legislature.

HB 19 passed the House of Representatives on Monday and is now awaiting introduction in the Senate. The bill exempts cryptocurrency from the state’s money transmitter act.

HB 101 has passed its second reading in the House and, if it passes its final hearing, will then go to the Senate. This bill will allow companies to create and use blockchains for the purpose of storing records and conducting inter-office communication.

HB 126 has just passed its second reading in the House. It will allow the creation of series LLCs.

Senate File (SF) 111 passed a vote to introduce on Friday and is now headed to a committee hearing. This bill will exempt cryptocurrency assets from state property taxes.