Two Rhode Island-based US Representatives have reportedly approved of a new bill, primarily looks to drive the adoption rate for blockchain and technology in the region.

Specifically, the new bill – dubbed “Rhode Island Economic Growth Blockchain Act” – was authorized to be in effect by Reps. David Place and Blake Filippi – that aims to establish an environment that enhance the development of blockchain innovation, making sure that Rhode Island stays in the game.

The new bill sets out to form regulatory parameters for blockchain, within Rhode Island. 

“The state of Rhode Island understands that to compete in the twenty-first century economy, Rhode Island must offer one of the best business environments in the United States for blockchain and technology innovators, and should offer a comprehensive regulatory technology sandbox for these innovators to develop the next generation of digital products and services in Rhode Island.”

The bill also claimed that in order to achieve favourable economic results, the existence of “public-private partnership” guidelines are crucial, as it helps to establish trust, performance and accountability, with blockchain being the tool for refining the process. 

The bill has mentioned the necessity of the introduction of a blockchain-powered filing and record tool, as well as emphasized on the advantages blockchain implementation can bring upon to the the health and finance industries.