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Erik Cummins
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In the News

Governor Jack Markell Unveils Delaware Blockchain Initiative Details, Hails Pillsbury Digital Currency and Blockchain Technology Practice as "the Gold Standard"

As mentioned by: The Wall Street Journal, Bloomberg, Coindesk
May 3, 2016

Following the announcement of the Delaware Blockchain Initiative last month, Delaware Governor Jack Markell took the stage at the Coindesk Consensus 2016 conference on May 2 to discuss further details of the project, including the proposed creation of a new method of representation of corporate share ownership: distributed ledger shares. A critical part of the Delaware Blockchain Initiative, this development would enable all Delaware corporations to issue shares using the same technology that underlies the virtual currency Bitcoin.

The Governor’s support for the amendment of Delaware law to accommodate distributed ledger shares is just one of the Delaware Blockchain Initiative components outlined by the Governor. The immediate elements of the project also include an assurance that virtual currency and blockchain businesses will not face new proscriptive regulation in Delaware; the creation of the office of the Blockchain Ombudsman, who will be a point of contact for those seeking to do business using blockchain technology in Delaware; and the launch of a proof-of-concept with Symbiont – a technology provider and Pillsbury client – to develop distributed ledger solutions for archival records. Collectively, the goal of this program is to move the process of registering companies, tracking share movements, and managing shareholder communications onto a blockchain, thereby lowering transactional costs, reducing fraud, and speeding up processes that are currently done manually.

The Delaware Department of State is working in partnership with Pillsbury to implement the various components of the Initiative. The Pillsbury team comprises partners Rodney Peck, Deborah Thoren-Peden, Marco Santori and Mercedes Tunstall, along with counsel Elsa Broeker. The group will serve as a conduit for suggestions, concerns and recommendations to Delaware regarding blockchain technology.

Speaking of Pillsbury’s market-leading Digital Currency and Blockchain Technology team, Governor Markell said “they know the technology, they can spot the risks, and they know how to leverage the rewards better than anyone,” said Governor Markell. “They are the gold standard in this space.”

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