The State of Ohio is set to become a hub for blockchain development in America, as top lawmakers, academics, and figures from the business world came together in the state late last week. The group aims to create blockchain infrastructure and regulation, which will prevent top blockchain talent being poached from the state and taken elsewhere.
Ohio House of Representatives Speaker Ryan Smith called the group together to begin discussions on how the state can progress and become a blockchain hub. Smith called blockchain technology a world-changing innovation and hinted that it has the ability to save the state millions of dollars in increased efficiency.
Blockchain Penetrating America
Politicians across America are currently gearing up for the 2020 elections, with many of them declaring their stance on blockchain and cryptocurrencies ahead of time. This is causing states to come out as crypto friendly, with the most notable crypto-friendly state so far being Colorado. Governor candidate Jared Polis is running with a blockchain and crypto-friendly platform. He is hoping to turn Colorado into a blockchain hub before Ohio can make a claim the throne. Elsewhere in America, politicians are also declaring their crypto holdings. Unfortunately for some – like Tulsi Gabbard – they bought cryptos at their December 2017 all-time high and are nursing heavy losses as a result.
Power Consumption is a Key Concern
A number of states have given their municipalities the ability to set their own rates for crypto miner’s power supplies. Hydroelectric abundant states – such as New York and Washington state – have seen an overwhelming number of applications for power due to the lower costs. Unfortunately, many of these municipalities are having to suspend applications due to fears that the local infrastructure won’t be able to cope with the excessive demand on the grid.
A Crypto-Friendly President?
Presidential candidate Andrew Yang is running with a crypto friendly platform and is currently accepting crypto donations. While it is highly unlikely – according to the bookies – that Yang will win the elections, a crypto-friendly president would revolutionize the American blockchain and crypto scene. We could witness Bitcoin being made a legal currency in America and a raft of crypto-friendly laws put in place. If America took a step in this direction, there is a good chance most other countries around the world would follow suit.
Recently Ohio passed a bill that formally recognizes blockchain as a legitimate form of digital signature for business transactions. This has been seen as the first step for Ohio in its path to becoming a blockchain hub. More companies and elected officials are coming in from the fold and joining the blockchain revolution that is currently underway in America. As this group continues to grow, Ohio – and America – will very quickly become a blockchain hub.