[November 14, 2017]

Wyoming Blockchain Coalition Announces Support for Blockchain in Wyoming

Wyoming Blockchain Coalition, LLC announces its formation as an interest group advocating the adoption of blockchain technology in Wyoming, as well as the list of initial members of its advisory board.

"The mission of the Wyoming Blockchain Coalition is to educate Wyoming citizens about the power of blockchain technology to cut costs, streamline administrative processes and spur entirely new businesses in Wyoming," said David A. Pope, CPA CGMA executive director of the Wyoming Blockchain Coalition. "We are also advocates for a legal and regulatory environment that welcomes blockchain technology companies to do business in Wyoming, ranging from deploying the technology within the State to enabling service providers -- such as exchanges and money transmitters -- to serve Wyoming customers."

"Wyoming has nearly a perfect combination of attributes to attract blockchain start-ups -- favorable LLC and corporate laws, privacy protections, zero corporate income or franchise taxes, strong academic support from UW and tremendous bandwidth available to companies locating in the Cheyenne area. Wyoming passed the nation's first LLC law 30 years ago, and it can again lead the way by offering blockchain LLCs," said Caitlin Long, advisory board member, Laramie native and chairman and president of Symbiont, a leading blockchain technology platform. "When I tried to donate bitcoin to fund a new endowment at UW, I ran into a brick wall because Wyoming's banking laws prevent bitcoin exchanges from doing business in Wyoming. I'd like to help fix that."

Blockchain is a new form of database technology that enables multiple parties to share a single "golden copy" of data and trust that it is valid, owing to a breakthrough of computer science that enables the computers of multiple users or organizations to reach consensus about the state of their shared data without the need to reconcile their own copies. It is gaining adoption by users big and small to save costs, streamline administration and improve transparency and auditability.

Potential applications in Wyoming utilizing blockchain may include:

• Allowing Wyoming LLC registrants to register on a blockchain. Wyoming led the way when it passed the nation's first LLC law in 1977, and it can again lead by offering the ability to register LLCs on a blockchain. This could attract meaningful business into Wyoming, as today 2/3 of new companies that register in the U.S. are LLCs -- and new users of LLCs (such as for autonomous cars and other Internet of Things (IoT) devices) could be attracted to efficiencies enabled by blockchain-registered Wyoming LLCs
• Ranchers and coal producers, for example, guaranteeing their customers certified Wyoming products by allowing them to track their Wyoming origin on a blockchain
• Reducing Wyoming's healthcare costs by eliminating information duplication via a blockchain
• Creating a registry of mineral rights and leases and a tracking system for royalty and severance payments on a blockchain
• Tracking government documents and automating compliance with public-records retention laws using a blockchain
• Improving the transparency of Wyoming campaign finance by using a blockchain
• Other industries positively impacted by adoption of blockchain technology include Accounting, Financial Services, Legal Services, Land Title, Licensing and Permits, among others

Below is the initial list of advisors to the Wyoming Blockchain Coalition. We anticipate adding members as interest in the technology grows and we welcome your interest in joining.

View source version on businesswire.com: http://www.businesswire.com/news/home/20171114006317/en/

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