Market Overview

Ohio Moves to the Forefront Among States Supporting Blockchain-based Businesses


New law expected to draw companies looking to expand their
blockchain and R&D operations to the state

Ohio became a leading supporter of blockchain-based businesses on
Friday, Aug. 3, when Governor John Kasich signed legislation enabling
new uses for this cutting-edge technology.

Ohio is one of the first states to adopt legislation recognizing the use
of blockchain technology to transmit and store electronic records in a
broad range of industries, from financial services to supply chain
management, real estate and healthcare. Blockchain's benefits include
greater security of information, reduced costs and faster transactions.
Cryptocurrencies such as bitcoin are just one way that blockchain
technology can be used.

"In Ohio, blockchain innovators can thrive in their efforts to develop
new products and applications for the financial industry and beyond,"
said Valentina Isakina, Financial Services Managing Director for
JobsOhio, the private economic development corporation for Ohio. "Many
companies looking to expand their blockchain and R&D operations are
rapidly growing job creators, and Ohio is now even more attractive to
these businesses."

Efforts to promote the business and government uses of blockchain
technology and the development of research communities have been well
underway across the state - in Columbus, with its Smart City initiative;
in Cleveland, where leaders are proposing the BlockLand initiative; and
in Cincinnati, with the 10XTS venture.

Columbus-based SafeChain is one company in Ohio that already offers
blockchain technology for use in the title insurance industry. Its
SafeWire technology helps prevent fraud and complete property
transactions faster and more securely.

SafeChain CEO and Co-Founder Tony Franco said, "The recent efforts led
by State Senator Dolan and the Ohio legislature demonstrate both the
capability and the willingness of the public and private sectors to
collaborate on the community's shared interest in making Ohio a place
where innovation thrives. Partnerships between entrepreneurs,
legislators and economic development groups give fintech companies in
the area a competitive advantage through speed to market, information
access and ability to impact policy in a positive direction."

Ohio's financial services industry is the fifth-largest among all states
and is the second-largest private sector within the state. Ohio is
second only to New York City as a location for top U.S. bank and
insurance company headquarters. With 270,000 employees, Ohio's financial
services industry is comparable to the size of New York City's financial
workforce and larger than the city of London's.

State Senator Matt Dolan added, "In order for Ohio to compete for new
investments and jobs, we must welcome innovation, new technology and
advanced energy. Embracing blockchain technology is a step forward to
achieve these goals."

The new law complements Ohio's dynamic approach to economic expansion,
Isakina said.

"Ohio already offers a wide range of advantages to financial services
companies that are looking to expand, including no corporate income tax,
a tech-savvy millennial workforce, collaborative innovation environment
and low cost of operations, compared to other digital hubs," Isakina
said. "The new law will further strengthen the state's position at the
forefront of innovation. JobsOhio stands ready to assist businesses
looking to grow in Ohio, and our support - including the new R&D Grant
program - is available for those entities interested in benefiting from
the Ohio business environment and talent."

JobsOhio is a private nonprofit corporation designed to drive job
creation and new capital investment in Ohio through business attraction,
retention and expansion efforts. JobsOhio works with six regional
partners across Ohio: 
Partnership for Economic Growth
Development Coalition
Growth Partnership
 and Team
. Learn more at Follow
us on 
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