State Representative Dennis Powers introduced a new bill into Tennessee'due south state legislature on March 3 spurring the study of blockchain technology.

The bill asks the Tennessee Department of Financial Institutions to dive into research on blockchain and applications for "related engineering science" in finance and propose changes to any regulations continuing in the manner of the applied science's progress.

The bill lists blockchain's advantages

The document describes blockchain every bit a ledger capable of documenting financial actions, housed at multiple different points, with each action submitted to all ledger locations for accurateness. In short — a distributed online ledger, each with a copy of all transactions and housed by numerous parties instead of a single entity.

The nib notes blockchain tech equally a proposed cybersecurity solution, pointing toward bank and other financial usages currently at play, leading to increased security and efficiency. The text mentions current use cases such equally cross-border payments, nugget settlements and identity verification, amongst others.

The movement seeks clarity for growth of the engineering

The proposed neb aims to ameliorate understanding of the new engineering science and its application to ease the road to adoption. The neb reads.

"An in-depth study of blockchain and related technology needs to occur so that the Tennessee Full general Assembly tin can fully empathise these technologies in social club to reduce any existing statutory or regulatory impediments to their awarding for the benefit of the citizens of this State."

The motility states the study should involve blockchain's application for capital markets, investment management, payments, cyberbanking, lending and trade finance, as well as others. The text as well urges written report of existing rules in Tennessee and a compilation of proposed changes moving forward.

"The Tennessee Department of Financial Institutions shall report its findings, in a report and a live presentation, to the Commerce Committee of the House of Representatives and the Commerce and Labor Committee of the Senate by Jan 31, 2022," the document adds.

Cointelegraph reached out to Representative Powers for additional details but received no response every bit of press time. This commodity will exist updated accordingly should a response come in.

Other beak pushing more work with blockchain at the state level have been proposed in recent months. A movement from an Arizona congressman introduced at the end of 2022, aiming for regulation based on crypto nugget type.