Deputy Secretary of State Kristopher Knight, who also serves as director of the state’s Division of Corporations, talks about the Delaware Blockchain Initiative. A blockchain enables a ledger of transactions to be shared across a network of participants. Blockchains are also used as a shared ledger of all Bitcoin transactions.
Why is blockchain innovation important for the world of finance?
Blockchain technology holds great promise for the financial industry, in terms of security and verifiability of transactions in real time and in terms of increased efficiency and new capabilities to transact business across the globe.
Is blockchain still theoretical?
Blockchain technology is still nascent in the mainstream world of business and finance, but the interest in its potential has heavy hitters digging into how it can work for them.
How is the state working to facilitate blockchain innovation?
Since last year’s launch of the Delaware Blockchain Initiative, the Department of State has been formulating ideas for how to put it to use. For example, the Delaware Public Archives are working with blockchain developers on a new system for managing the state’s ever-growing collection of digital records. On the business side, the Division of Corporations has been cooperating with the Delaware Bar Association to craft a legal framework that will allow Delaware business entities to use blockchain technology to track shares and manage contracts. Draft legislation is circulating in the General Assembly.
How is Delaware positioned to take the lead in fintech innovation?
As the nation’s corporate capital, Delaware has a reputation for leadership when it comes to facilitating complex business transactions in a timely and precise
manner. The world of business and finance expects Delaware to adapt quickly to new advancements, in a thoughtful, deliberate fashion.
Why is this positioning important?
Delaware prides itself on its ability to stay ahead of the curve when it comes to corporate law and business transactions. The health of the state’s corporate franchise affects the lives of every Delawarean, and it’s our duty to stay on top.