Ohio wooing businesses that use blockchain

Ohio is touting itself as a friend to blockchain businesses.

Gov. John Kasich last week signed legislation enabling new uses for the blockchain technology.

Ohio is one of the first states to adopt legislation recognizing the use of blockchain technology to save and secure electronic records in array of industries, from financial services to supply chain management, real estate and medical records, JobsOhio said in an announcement.

Last year, General Motors and Ford joined BMW and Renault and other firms in creating the Mobility Open Blockchain Initiative to explore how blockchain could be used in the automotive world.

Blockchain is a digital record where data cannot be changed without the assent of the entire network.

“In Ohio, blockchain innovators can thrive in their efforts to develop new products and applications for the financial industry and beyond,” said Valentina Isakina, JobsOhio financial services managing director. “Many companies looking to expand their blockchain and R&D operations are rapidly growing job creators, and Ohio is now even more attractive to these businesses.”

Ohio cities are trying to open their doors to businesses that rely on the technology, including Columbus, with its “smart city” initiative, and in Cincinnati, with the “10XTS” venture.

Earlier this summer, Ohio lawmakers passed legislation updating Ohio law dealing with electronic transactions to include blockchain-based transactions.