Page 9 - World Trade Center Delaware

cemented in Markell’s presentation at Consensus 2016, a conference in New York focused on the technology. There he announced the Delaware Blockchain Initiative (DBI), which was essentially a pledge to prepare the state’s affairs for the use of blockchain, including its world-renowned corporate registration business.
In 2019, Walmart began requiring its lettuce and spinach suppliers to track their products using a blockchain system devised by IBM, allowing the retailer to track down contaminated batches more quickly. Meanwhile, MetLife is studying whether blockchain could be used to more quickly determine whether a deceased loved one had a life insurance policy.
JPMorgan Chase has launched a blockchain division called Onyx, staffed by about 100 workers, to explore how to integrate the technology into its financial services. Health insurer Humana is working with health care services company Optum to pilot blockchain in fixing errors in provider directories.
As these advancements grow, so too will the desire to find
corporate homes for the technology. But Delaware is not alone
Delaware approved changes to its General Corporation Law in 2017 that explicitly allowed companies to use blockchain in its record-keeping, but other DBI objectives haven’t been completed.
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While blockchain’s status as the “bright, shiny object of
the moment” has diminished a bit, Delaware Secretary of
State Jeffrey Bullock, whose department dealt with the DBI,
believes the innovation has reached its “nuts-and-bolts” stage
of figuring out how the technology is best implemented. In
2019, Bullock’s department issued a request for proposals for
a pilot program that sought to show how blockchain could
be integrated with the tracking of corporate stock shares.
The project was never awarded though, and the state is still
searching for an eligible partner.
in seeking to capitalize on the growth of blockchain-based
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What while ensure that the First State remains a first choice
“For the private sector in particular, it becomes a very much a bottom-line thing, because businesses aren’t going to invest lots and lots of money unless they’re sure they’re going to
get the return,” he explained.
While Delaware waits, the private sector has been investigating uses for blockchain in a variety of industries from banking to agriculture, health care to mining.
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“Delaware is a little bit of a big gorilla here with all that
it can offer,” Marquardt said.
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