New Jersey Blockchain Initiative Task Force

On March 13, 2018 Senators Thomas Kean and James Beach introduced in to the New Jersey Senate, NJ S2297, an act to create the New Jersey Blockchain Initiative Task Force. S2297 was referred to the Senate Budget and Appropriations Committee on September 27 of the same year.

The task force would be created to study whether “State, county, and municipal governments can benefit from a transition to a Blockchain-based system for recordkeeping and service delivery.” The bill expounds upon the ways in which blockchain technology can increase efficiency while reducing overhead and issues of interdepartmental compatibility.

The bill focuses on the advantages of using blockchain for “medical records, land records, banking, and property auctions” but makes no specific mention of potential tax implications such as integration with sales tax point-of-sale (POS) systems or general record keeping. Time will tell if there exists the political will to move the project forward at the government level.