Vermont Secretary of State Jim Condos and Department of Financial Regulation Commissioner Michael Pieciak have agreed to collaborate in exploring emerging blockchain technology and its use in the digital recordkeeping practices of the captive insurance industry.
They have started looking for vendors that will work on a pilot program that allows new captive insurance companies to register with the Secretary of State using blockchain technology.
Through the pilot program, the regulators aim to test the functionality of emerging blockchain technology in state regulatory processes. The pilot will also help Vermont identify areas where the use of blockchain technology in regulatory and other government business may increase data security and reduce costs for residents and those doing business in the state.
The pilot will include a review and revision of relevant statutes, rules, regulations and bulletins to ease blockchain implementation.