Texas is a state ideal for blockchain technology. Going way back to our origins, we have treasured and utilized our independence in trying new things, making the most of them, and standing out from the crowd.
Blockchain is yet another frontier the Lone Star state is on its way to conquering, and what makes it the ideal place for the technology to grow and prosper bolls down to the following:
Texas is considered one of the most pro-business states in the US. This isn’t due to any one factor, but multiples. For starters, there is no corporate or individual income tax, attracting residents, investors, entrepreneurship, and major established companies.
Secondly, Texas is loaded to the hilt with all modes of transport — an especially attractive feature for companies that ship goods to and from destination points. These same companies are finding the shipping environment ideal for blockchain implementation in order to find and grow efficiencies for their businesses.
Thirdly, Texas has a highly-skilled and educated workforce. Also, through the Texas Enterprise Fund, they have managed to attract billions of dollars in corporate investment and tens of thousands of jobs based on a small fraction of those investments in incentive offerings.
Business and growth attracts innovation, and it combines to create a cycle of prosperity that feeds on itself. Innovators look for new solutions to age-old problems, and right now, blockchain technology is giving them a platform to cut costs, eliminate inefficiencies, and promote transparency in all things.
In other words, blockchain technology is more useful as a platform for business than it is as a dodgy virtual currency. Since Texas has embraced its role as the business state, this innovation will come along with it, especially now that companies are seeing ways they can eliminate waste and grow their bottom lines.
But One Thing to Remember About Blockchain Technology
It’s still a relatively new tool, and there isn’t much litigation or regulation on it. It’s difficult to determine how courts will handle disputes that may arise on it or as a result of its implementation.
If you’re an established company or young entrepreneur, you’ll need to watch what legislators and the courts do with it moving forward. This requires a certain degree of legal knowledge, and John Teakell has more than 30 years working in a variety of legal sectors, including a tenure with the US Securities and Exchange Commission. If you have any questions or require legal assistance surrounding this developing area of law, reach out today or stop by the office at Turtle Creek Blvd.