STAND. COM. REP. NO. 1054

 

Honolulu, Hawaii

                  

 

RE:    H.B. No. 1481

       H.D. 1

 

 

 

Honorable Ronald D. Kouchi

President of the Senate

Twenty-Ninth State Legislature

Regular Session of 2017

State of Hawaii

 

Sir:

 

     Your Committee on Economic Development, Tourism, and Technology, to which was referred H.B. No. 1481, H.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO ECONOMIC DEVELOPMENT,"

 

begs leave to report as follows:

 

     The purpose and intent of this measure is to establish a working group to study the uses of and determine best practices regarding blockchain technology.

 

     Your Committee received comments on this measure from the Department of Business, Economic Development, and Tourism; Department of Taxation; County of Hawaii; and one individual.

 

     Your Committee finds that blockchain is a novel peer to peer networking and distributed data storage technology that shifts the primary locus of control from centralized services to individuals or key holders.  Initially built as the underlying structure for a digital cash system known as bitcoin, blockchain can be used in many other areas, including cybersecurity, disaster recovery, clearance and settlement, supply chain transparency, title registries, communications, and document verification.  Your Committee further finds that there is vast potential for this technology to drastically change and improve public sector operations and private industry capabilities.

 

     As affirmed by the record of votes of the members of your Committee on Economic Development, Tourism, and Technology that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1481, H.D. 1, and recommends that it pass Second Reading and be referred to your Committee on Ways and Means.

 

Respectfully submitted on behalf of the members of the Committee on Economic Development, Tourism, and Technology,

 

 

 

________________________________

GLENN WAKAI, Chair