Like many states in the U.S., Utah embraces blockchain technology’s transformative potential. Implementing blockchain in Utah has paved the way for various innovations, including the Blockchain Registry. This article explores the impact of blockchain in Utah and the significance of the Blockchain Registry.
Blockchain in Utah
Blockchain technology, best known for bolstering cryptocurrencies like Bitcoin, is a distributed ledger system that offers transparency, security, and immutability. Utah state government recognized the potential of blockchain and has been actively integrating it into various sectors, including healthcare, supply chain management, and public records.
The Utah Legislature passed H.B. 289 Blockchain Provider Registration during the 2023 legislative session. Since the bill passed, two companies have applied and are currently on Utah’s blockchain registry.
One notable blockchain application in Utah is its use in the healthcare industry. Blockchain’s secure and transparent nature allows for creating a comprehensive patient registry. This can improve the integration of medical records, reduce fraudulent insurance claims, and enhance patient privacy. Blockchain has also found its way into Utah’s supply chain management. By using blockchain for tracking products and goods, the state can strengthen traceability, minimize counterfeit products, and streamline the supply chain process.
The Blockchain Registry
One of the most significant developments in Utah’s blockchain implementation is the Blockchain Registry.
Utah companies can apply to the Office of Regulatory Relief to participate in the blockchain registry. Applicants must first certify that the business is a noncustodial blockchain company. Utah Code defines noncustodial blockchain companies as those that do not possess or control a user’s private key. After they are approved, companies must also submit an application fee.
A noncustodial blockchain company’s registration expires after one year. Applicants may request to renew their registration by submitting a renewal application and paying a fee. For more information, refer to Utah’s Office of Regulatory Relief website at business.utah.gov/regulatory-relief.