Representatives from Blockchains and other backers laid out a broad overview of the proposal’s potential economic impact, with legislators questioning the need to give a private sector entity the governing powers of a county. A number of attendees also voiced concerns about setting a bad precedent with granting public authority to a single company, while others expressed cautious optimism for possible benefits.
Matthew Digesti, vice president of Blockchains’ regulatory strategy, described what life in the Innovation Zone might look like.
“Innovation Zone residents will own and control their digital identities, engage in peer-to-peer renewable energy transactions, manage all government interactions from a mobile phone, share in public infrastructure revenue, cast real-time votes on hyperlocal community issues, pay taxes in real time, create passive income by monetizing assets, manage and control their medical records, and engage in other use cases that we frankly cannot imagine,” Digesti said.
But legislators expressed some reservations about establishing an “Innovation Zone” and equipping a private company with governing power.
Assemblyman Howard Watts (D-Las Vegas) asked how Blockchains plans to balance trust and transparency with personal privacy. Sen. Mo Denis (D-Las Vegas) sought more clarification on why an “Innovation Zone” had to exist outside of Storey County’s jurisdiction. And Assemblyman P.K. O’Neill (R-Carson City) asked why blockchain technologies couldn’t just be used in Storey County as it exists.
Blockchains representatives said an “Innovation Zone” would make it easier to retrofit existing county buildings and infrastructure, and the technology used throughout the community would be decentralized and encrypted to preserve privacy.
Concerns also persisted over how a new development would affect the environment, including water consumption and the Pyramid Lake Paiute Reservation.
Storey County representatives called in during the meeting’s public comment period, raising pointed questions.
“Why can’t (Blockchains) work within one county — Storey County — known as the most business-friendly, innovative-friendly county, not only in the state, but in the country?” asked Mary Walker, a lobbyist for Storey County.
Storey County Commissioner Clay Mitchell voiced support for the economic opportunity but expressed skepticism about creating a new governing entity.
“I’m quite excited about the opportunities presented here,” Mitchell said. “It leaves me wondering, why haven’t the specifics of this idea been presented to the host county first?”
Zachary Bright is an intern with The Nevada Independent, a 501(c)3 nonprofit news organization. The following people or entities mentioned in this article are financial supporters of the Indy: Jeff Berns – $375,240; Steve Sisolak – $3,200; Mary Walker – $460; and Mary Walker – $120. This