This story appears in the March 2025 issue of Utah Business. Subscribe.
Blockchain often brings to mind cryptocurrencies like bitcoin, but in Utah, it means much more. Early innovators in the state recognize that blockchain is poised to streamline real estate transactions, boost transparency and unlock possibilities across industries. But what exactly is it?
At its core, blockchain is a digital ledger. It’s a secure and transparent way to record transactions or data across multiple computers. Unlike traditional systems, it doesn’t rely on a central authority. Instead, it uses a decentralized network to verify and store information, making it nearly impossible to alter or hack. This technology can be applied to anything requiring trust and transparency, from financial transactions to tracking supply chains.
Utah’s path to blockchain prominence began early, says Jonathan Bench, a partner at Kirton McConkie.
“Overstock.com was the first publicly traded company to accept bitcoin as a form of legal payment for its products,” Bench says, crediting the bold move in 2014 for putting Utah on the blockchain map and hinting at the technology’s broader potential.
Additionally, in 2019, Utah County demonstrated its forward-thinking approach to blockchain technology by becoming the third jurisdiction in the United States to implement blockchain-based mobile voting. This pilot program — designed for active-duty military personnel, their dependents and overseas voters — used a secure application developed by Voatz.
Motivated by a collaborative community and an entrepreneurial ethos, local pioneers continued to test blockchain’s limits, refining both technology and use cases. They saw opportunities to transform longstanding processes in finance, private equity and beyond. Diamond Lake Minerals Inc. focuses on using blockchain tokenization to unlock value and wealth creation, providing new avenues for investment. Securitize Inc. empowers businesses to issue tokenized shares, enabling seamless digital ownership and enhanced capital-raising opportunities. Meanwhile, CoinZoom combines cryptocurrency trading with practical applications like the CoinZoom Visa card, allowing users to convert digital assets into fiat currency instantly.
From humble beginnings to enterprise-ready solutions
As blockchain technology matures, its early unregulated and experimental phase is giving way to concrete applications in real estate, finance and conservation. Yet this transition to enterprise-ready solutions requires overcoming key challenges.
“Blockchain has been in an untamed phase, but this is consumer-ready sooner than later, and it’s going to be a game changer,” says Ivan Jankovic, EVP of revenue and sales at Nomyx, a Utah-based company that facilitates digital asset distribution and secondary sales.
While experts see the disruptive potential, many find it intimidating. Digital wallets, crucial for managing blockchain assets, remain a sticking point. Instead of relying on a bank to keep your money safe, a digital wallet lets you store your funds or other assets directly. However, you have to remember a special digital key to access them, which can feel overwhelming for new users.
“Wallets are still difficult, and people aren’t used to that paradigm of holding their keys,” says Nicki Sanders, vice chair of the Utah Blockchain Coalition.
As blockchain shifts from niche experiments to mainstream applications, efforts are ramping up to educate users and build laws surrounding the technology.
“[Blockchain advocates] have been working to get Utah counties to adopt a blockchain ledger technology for keeping track of property records,” says Aaron Gleave, executive director of the Utah Blockchain Coalition. “That’s a very interesting and practical use case for ledger technology.”
With continued collaboration and investment, Utah is poised to take blockchain from a niche technology to an essential tool across industries.
Legislation, collaboration and the Utah advantage
Utah’s regulatory clarity on blockchain sets it apart from many states that are still wrestling with uncertainty. Forward-thinking policies have created a solid foundation for innovation, placing Utah at the forefront of legislative progress. One major achievement is its private key protection law, HB118, which ensures individuals cannot be forced to reveal their private keys.
“At first, I thought, ‘OK, that makes sense,’ but I didn’t realize what a huge deal it was until I saw a case in Texas where someone was forced to turn over their private key,” Sanders says. “It’s reassuring to know that can’t happen here.”
“For Utah to remain a major player, there needs to be investment from venture capital, state officials and public willingness.”
— Jonathan Bench
Another landmark is HB357, Utah’s recognition of decentralized autonomous organizations as legal entities.
“We were able to move really fast, get that legislation in front of the people who needed to see it, and get it passed within a year,” Gleave says.
That same spirit thrives in the local blockchain community. Sanders says the push is to unite developers who often work remotely for national firms.
“We’re working to show Utah developers the strength in numbers, creating a stronger community,” she says.
Scaling blockchain and the path forward
Despite impressive gains, Utah still faces hurdles on its path to becoming a blockchain leader. From the lingering complexity of managing private keys to limited public understanding, these barriers slow wider adoption.
“Our role is to bridge the gap between technical elites and people just starting to figure out blockchain,” Gleave says, underscoring the need for accessible education.
Securing robust investment is another priority.
“For Utah to remain a major player, there needs to be investment from venture capital, state officials and public willingness,” Bench says.
Such backing can fuel blockchain’s expansion in sectors like real estate and environmental conservation, both ripe for disruptive innovation. By streamlining applications and addressing consumer concerns, Utah could position itself as a go-to destination for blockchain startups.
But collaboration remains critical. Developers, lawmakers and entrepreneurs must continue working together to craft user-friendly tools and demonstrate blockchain’s tangible value. Utah’s existing momentum, built on supportive legislation and a thriving tech network, provides a solid launching pad.
“The Utah companies that are building on blockchain — the ones that are still involved — are brilliant … and they’re building really interesting technology,” Bench says.
