FOR IMMEDIATE RELEASE
10XTS Supports Passage of Kentucky Senate Bill 55 to Establish State Blockchain Working Group for Advancing Technology in Public Sector Applications
FRANKFORT, KY – March 5, 2020 – 10XTS is pleased to announce the passage of Kentucky Senate Bill 55, a landmark bill that establishes a state-level Blockchain Technology Working Group to explore and advance blockchain applications across multiple sectors within Kentucky. The bill, introduced by State Senator Brandon Smith of Senate District 30, received unanimous support in the Kentucky Senate, passing 35-0 with no opposition. This legislation represents a significant milestone in Kentucky’s efforts to become a leader in blockchain innovation for public sector applications.
The passage of Senate Bill 55 is the result of a collaborative advisory effort led by Dr. Brian Houillion, Senior Vice President and Advisor to 10XTS, alongside Adam Koehler, CEO of CPROP and partner of 10XTS. Both Houillion and Koehler contributed their expertise to support Senator Smith and the Kentucky legislature in crafting a framework to evaluate blockchain’s potential for state utilities, records management, and public administration.
“The unanimous passage of Senate Bill 55 is a monumental step for Kentucky’s public sector,” said Michael Hiles, CEO of 10XTS. “We commend Senator Brandon Smith and the Kentucky Senate for their forward-thinking approach to blockchain. This working group will set the stage for a robust exploration of blockchain as a transformative solution for public administration, finance, and beyond.”
Key Provisions of Kentucky Senate Bill 55
Senate Bill 55 creates a new section within KRS Chapter 42 that establishes a six-member Blockchain Technology Working Group under the Commonwealth Office of Technology. This working group will be tasked with examining blockchain’s applicability across a variety of public sector functions, including records management, utility services, and data transparency. The group will consist of technology and policy experts, public sector leaders, and representatives from relevant industries.
Key responsibilities of the working group include:
- Assessing the feasibility and benefits of blockchain in public records management and utility sectors.
- Evaluating the potential for blockchain to increase transparency, efficiency, and data security in government operations.
- Producing an annual report by December 1 each year, summarizing findings and recommendations to be submitted to the Governor of Kentucky and the Legislative Research Commission (LRC).
With this bill, Kentucky is setting a precedent for exploring blockchain as a foundational technology for improving state government processes and infrastructure. The working group will engage stakeholders, analyze blockchain use cases, and provide insights that will contribute to a roadmap for future blockchain adoption in the Commonwealth.
10XTS and CPROP’s Role in Shaping the Legislation
Dr. Brian Houillion, a seasoned public finance and records management expert with 10XTS, provided invaluable guidance on blockchain’s potential as a records management tool in the public sector. His leadership was essential to the advisory process, ensuring that Senate Bill 55 addressed both technical and regulatory considerations.
10XTS’s partner, Adam Koehler, CEO of CPROP, played a key role in supporting the advisory process. Together, Houillion and Koehler offered a comprehensive perspective on blockchain’s value for Kentucky’s public sector, particularly in securing sensitive data, reducing administrative costs, and enhancing transparency. Their combined expertise supported Senator Smith in advocating for a structured approach to blockchain evaluation, ensuring that the working group has clear objectives and guidelines for impactful recommendations.
“Blockchain technology has the potential to fundamentally transform how state governments manage data and provide services,” said Dr. Brian Houillion. “By establishing a dedicated blockchain working group, Kentucky is taking a proactive approach to exploring the technology’s potential, which will position the state as a leader in innovative public sector solutions.”
A Roadmap for Blockchain Adoption in Kentucky’s Public Sector
Senate Bill 55 lays the groundwork for Kentucky to become a model of blockchain adoption in public sector services. The establishment of the Blockchain Technology Working Group empowers the Commonwealth to assess blockchain’s potential benefits and risks carefully, paving the way for thoughtful implementation of blockchain solutions.
The legislation addresses the growing need for secure, transparent records management in public administration. Blockchain’s decentralized and immutable nature makes it an ideal solution for protecting sensitive data, preventing unauthorized access, and providing verifiable records of government transactions. The bill represents Kentucky’s commitment to adopting cutting-edge technologies that foster trust and efficiency in public services.
The working group’s findings will also help Kentucky align with national and global trends in blockchain adoption. As other states consider blockchain for public sector solutions, Kentucky’s proactive approach serves as a model for exploring the technology’s broader applications in government.
Next Steps: Senate Bill 55 Advances to the Kentucky House and Governor’s Office
Following its unanimous approval in the Kentucky Senate, Senate Bill 55 now advances to the Kentucky House of Representatives for review. Once approved by the House, the bill will proceed to the desk of Kentucky Governor Steve Beshear for signing into law. Upon enactment, the Blockchain Technology Working Group will begin its initial meetings to develop a roadmap for the effective integration of blockchain solutions within the Commonwealth.
About 10XTS
10XTS is a blockchain technology company that provides secure, compliant solutions for digital asset management and records transparency. With its flagship platform, XDEX, 10XTS offers a comprehensive blockchain ecosystem that supports efficient, secure record-keeping for state and local governments. Based in Cincinnati, Ohio, 10XTS works with industry leaders and public sector clients to bring blockchain innovation to capital markets, records management, and regulatory compliance.
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