By Jeff Todd

DENVER (CBS4)– The State of Colorado is hoping to become the nation’s leader in the emerging technology of Blockchain.

“Colorado specifically has a ton of block chain companies and engineers here. If the state can make policy; there’s going to be a lot of block chain companies that move here,” said Paul Foley, an entrepreneur.

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Paul Foley (credit: CBS)

Gov. John Hickenlooper set up the Council for the Advancement of Blockchain Technology last month. It’s a combination of legislators and industry leaders who are pushing Colorado to have the friendliest environment for Blockchain companies to operate.

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(credit: CBS)

RELATED: CBS News: How Blockchain Works

“It’s an exciting technology with a lot of potential applications. It’s also a disruptive technology,” said State Senator Jack Tate, a Republican from Centennial. “It’s a potentially new way of looking at the internet.”

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CBS4’s Jeff Todd interviews State Senator Jack Tate (R) Centennial (credit: CBS)

Blockchain technology is heralded as a new, safer platform for data. It’s the brains behind crypto-currencies like Bitcoin, but its use could be endless.

“It’s called block chain because it’s just blocks of data being stacked and if you look at it over time you see a transaction history,” said Foley. “The idea is, nothing enters the block that is fraudulent.”

RELATED: CBS News: What’s The Big Deal With Blockchain

The technology could change the way transactions and ownership take place, but could also protect online identities or even medical records.

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Paul Foley (credit: CBS)

The Council for the state is looking at removing roadblocks and setting an environment for Blockchain companies to thrive.

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(credit: CBS)

“Once the industry starts developing we’ll have a better handle on where things are going and what things need to happen,” said Tate.

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(credit: CBS)

“If you put those companies in Colorado, Colorado becomes a much, much more economically empowered state,” Foley said.

LINK: Council for the Advancement of Blockchain Technology

Jeff Todd joined the CBS4 team in 2011 covering the Western Slope in the Mountain Newsroom. Since 2015 he’s been working across the Front Range in the Denver Headquarters. Follow him on Twitter @CBS4Jeff.

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