Blockchain is a digital record where data cannot be changed without the assent of the entire network.
“In Ohio, blockchain innovators can thrive in their efforts to develop new products and applications for the financial industry and beyond,” said Valentina Isakina, JobsOhio financial services managing director. “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.”
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Ohio cities are trying to open their doors to businesses that rely on the technology, including Columbus, with its “smart city” initiative and in Cincinnati, with the “10XTS” venture.
Earlier this summer, Ohio lawmakers passed legislation updating Ohio law dealing with electronic transactions to include blockchain-based transactions.
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“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,” State Sen. Matt Dolan, who introduced Ohio’s bill, said in JobsOhio’s release.
Ohio’s financial services industry is the fifth-largest among the states and is the second-largest private sector within the state.
With 270,000 employees, Ohio is second only to New York City as a location for top U.S. bank and insurance company headquarters, JobsOhio said.