Why The Delaware Blockchain Initiative Matters To All Dealmakers

STATE OF DELAWARE PRESS RELEASE HIGHLIGHTS: "Smart contracts offer a powerful and innovative way to streamline cumbersome back-office procedures, lower transactional costs for consumers and businesses, and manage and reduce risk," said Governor Markell. "We're delighted that Delaware has this opportunity to help lead the way in promoting blockchain technology and its growing role in digital commerce."

Blockchain-based smart contracts will digitize records to autonomously update, delete, share or be acted upon when specific conditions are met, like expirations. The State anticipates the technology will bring tremendous efficiencies and speed to the sophisticated commercial transactions for which Delaware has long set the standard.

The Governor also announced that the State has begun exploring its own use cases for blockchain technology. Symbiont, a distributed ledger and smart securities startup that focuses on smart contracts and is a leader in the blockchain industry, is working with the Delaware Public Archives to store state archival records on a distributed ledger. This effort will demonstrate the opportunity for the State to use this technology to help archive, catalog and cryptographically secure government records that are held by scores of state and local agencies and that were produced and exist only in digital form."