Harper Leads Innovative Blockchain Business Bill Through House Panel

SPRINGFIELD, Ill. – To help expand and grow the practical applications of emerging technologies in Illinois, state Rep. Sonya Harper, D-Chicago, recently won support from a House panel for legislation to help innovative new businesses take root in local communities.

“To make Illinois a more attractive place to live and work, we must support innovations such as blockchain that can make our state a leader in new applications of technology for businesses and consumers,” Harper said. “But it’s not just about supporting businesses, it’s also about the need to use state-of-the-art technology to make government more accessible and open to citizens.”

Harper introduced House Bill 2540 and recently advanced the measure out of the House Commercial Law Subcommittee. Harper’s bill creates two new entities for organizing a business: personal information protection companies (PIPC) and blockchain-based limited liability companies (BBLLC). Businesses designed to provide consumer data protection services could organize as a PIPC and businesses that use blockchain for the main portion of their activities could utilize a custom governance structure that recognizes the open, decentralized nature of blockchain technology as a BBLLC. Additionally, the bill would require state government to study and deliver a report to the General Assembly on utilizing blockchain technology to store public records.

“Illinois has a unique chance to become a leader in supporting innovative applications of blockchain technology to develop new businesses and to make government more transparent,” said Harper. “I urge my Democratic and Republican colleagues in the House to support this measure to make Illinois a technology leader.”