Ohio is Going to Officially Admit Blockchain Data

Ohio is Going to Officially Admit Blockchain Data

As indicated by a recently proposed law Ohio may turn into the most recent U.S. state to lawfully perceive smart contracts and records put away on a blockchain.

Senate Bill 300, presented by Senator Matt Dolan, alters segments of the Uniform Electronic Transactions Act to incorporate blockchain records and smart contracts as electronic records. Further, the bill declares smart contracts lawfully enforceable as some other contract might be. The proposed bill went on to state: “This division does not apply to the use of blockchain technology to secure information in connection with a transaction to the extent that the terms of the transaction expressly provide for the transfer of rights of ownership or use with respect to that information.”

On the off chance that passed, the bill would include dialect expressing that blockchain innovation technology can be utilized to store electronic data and give possession rights.

However, this goes even further: although existing legislation already states that” a contract cannot be invalidated or unenforceable just because it was created using an electronic record”, S. B. 300 adds” or because the contract contains the term “smart contracts”, making it clear that smart contracts can be used for legal documents.

If marked into law, Ohio would join Arizona, and perhaps California, Florida and Tennessee, among different states, in perceiving both blockchain transactions and smart contracts for electronic records.




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