The beauty of blockchain technology is that it is so varied and complex in its capabilities. From creating cryptocurrencies to managing supply chains to enabling secure voting, it seems there is no limit to what blockchain can do. 

It also seems that the U.S. state of Wyoming has recognized this because shortly after passing a law making it the first U.S. state to recognize Decentralized Autonomous Organizations (DAOs), it has also introduced a bill to facilitate blockchain filing. 

DAOs On The Rise

Working closely with Wyoming legislators and the department of state, BLOCKS DAO is the first-ever legally registered DAO LLC. Committed to onboarding traditional industries onto blockchain through a system of progressive decentralization, BLOCKS is founded on the belief that blockchain should be for everyone. Enterprises are already seeing the tremendous value that BLOCKS can bring to the table, with insiders telling IBTimes that there are a handful of groundbreaking partnerships on the horizon between BLOCKS and enterprise companies.

How the Filing System Will Work

This bill, should it be passed, would leverage blockchain to create a filing system through which companies could report data needed by the government such as earnings reports for taxation purposes. There is already existing frustration with the current bureaucratic system being slow and often inefficient but the use of blockchain can change all of this.

Besides this, the filing system would harness APIs while still providing adequate security for users. Because blockchain is decentralized in nature, it is much less likely to suffer security breaches or hacks compared to traditional centralized systems. 

While the government deliberates on the bill in question, they have requested consultation from qualified parties such as businesses in the blockchain space, experts on blockchain technology, attorneys, and so on. This is particularly important because it has happened in the past that blockchain-related legislation has been passed that did not take the unique circumstances of the industry into account and went on to harm rather than help matters. 

This is also in line with a targeted effort from the Wyoming government to establish the state as a hub for blockchain activity and attract more business in the state. Wyoming has a Blockchain Task Force which has been able to pass over a dozen blockchain-related bills in the state, including the recognition of DAOs as business entities with the same rights as LLCs. 

Public officials have also recognized the importance of blockchain, especially when it comes to the development of technology in the future of the global economy. 

“Blockchain technology is going to fundamentally change the way businesses and consumers operate in the future, very much like the internet did,” said Steven Lupien, director of the University of Wyoming’s new Center for Blockchain and Digital Innovation, recently. 

Since these initiatives started rolling out, the state has seen a sharp increase in the number of business registrations. Given the fact that blockchain businesses are known to heavily flock to places with favourable regulation, this is an expected effect. Also given the fact that the blockchain industry is on its way to global domination, this could mean long-term revenue for Wyoming. 

“For a state like Wyoming, cryptocurrency provides an alternative store of value as well as the technology that diversifies our economy. We needed to do something that didn’t depend on coal, oil, and gas—those were industries that were waning,” said Chris Rothfuss, a Wyoming state senator who chairs the chamber’s blockchain committee. 

The First Legal DAO, LLC in the World: BLOCKS

Capitalizing on the rapidly evolving landscape of Wyoming Blockchain law, the team at BLOCKS worked closely with Wyoming lawmakers to create the world’s first DAO LLC.  

Blockchain as an industry is still rather young but with the security, speed, and scalability that BLOCKS DAO LLC offers in its toolkit, enterprise organizations are quickly adopting their solutions.

We are looking forward to watching BLOCKS evolve and are following the company closely as their token comes onto market this month and their progressive decentralization plan takes shape over the future.