Hawaii Looking To Promote Innovation to Benefit Local Industries

Legislators in Hawaii are requesting for the development of a working group dedicated to blockchain technology.

If passed, House Bill 1481, first filed on 25th January, would lead to the creation of a group dedicated to researching “the uses of and best practices regarding blockchain technology”.

The long-term goal of the bill is to seek ways for the technology “to benefit local industries, residents and the State of Hawaii”.

If the bill is passed, the working group would be assigned the duty of preparing a report that investigates potential use cases specific to Hawaii, while also presenting information on how the state itself could leverage the tech.

The bill’s backers suggest that the state should look to the tech as a means for encouraging visitors from abroad to spend – thereby boosting the local economy.

“Digital currencies such as bitcoin have broad benefits for Hawaii. A large portion of Hawaii’s tourism market comes from Asia where the use of bitcoin as a virtual currency is expanding,” the bill reads. “Hawaii has the unique opportunity to explore the use of blockchain technology to make it easier for visitors to consume local goods and services and to drive the tourism economy.”

Hawaii offers an R&D tax credit in which any individual, partnership or corporations may receive for conducting qualifying activities. To find out more of the R&D credit, please contact a Swanson Reed specialist by clicking here.

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