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Friday, 23 February 2018

Breaking: California legislators set to recognize Blockchain record

California set to recognize Blockchain

Assembly man Ian Calderon introduced Assembly Bill 2658 on February 20 in order to re-define laws that apply to electronic records that take place within the state.

This new bill aims to recognize blockchain transactions, digital signatures, and smart contracts as a legal form of record within the state. 

“A record that is secured through blockchain technology is an electronic record,” Assembly Bill 2658 explains.
A signature that is secured through blockchain technology is an ‘electronic signature’ and also updates the term ‘contract’ to account for smart contracts, or self-executing pieces of code that trigger when certain conditions (like a reaching a particular block number on a blockchain) are met.
Although The California State Assembly bill will have to be approved by other state lawmakers alongside Governor Jerry Brown’s signature in order for it to become law. 

California’s State Assembly bill is very similar to bills introduced in Arizona, Vermont, and Florida. These three states also have lawmakers proposing new definitions and laws that recognize blockchain transactions, digital signatures, and smart contracts. 

Do you think other U.S. states will follow this? Let us know what you think in the comments section below. And Subscribe to our newsletter below for more updates. 

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