A lawmaker in Tennessee has filed a new bill that recognizes blockchain signatures as legal electronic records, marking the latest legislative effort to do so in recent weeks.
The measure states:
“A signature that is secured through blockchain technology is considered to be in an electronic form and to be an electronic signature. A record or contract that is secured through blockchain technology is considered to be in an electronic form and to be an electronic record.”
Like the other pieces of legislation, the bill clarifies that smart contracts – or self-executing agreements that trigger when certain conditions are met – would also have legal bearing within Tennessee.
“No contract relating to a transaction shall be denied legal effect, validity, or enforceability solely because that contract contains a smart contract term,” the text reads.
The move highlights the growing interest among state lawmakers in the concept, with Arizona’s government finalizing a similar law last spring. Indeed, it points to a push to harmonize state laws around electronic records with blockchain-based data.
But as with the efforts in Florida and Nebraska, it remains to be seen how other lawmakers will react as the measures move through the debate process.
A draft version of the bill can be found below:
Image Credit: Nagel Photography / Shutterstock.com
The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [email protected].
You may be interested
Opinion | What is a Security Token Offering (STO) and Why You Need an AdvisorBrian Evans - Oct 08, 2018
About the Author: Jaron Lukasiewicz is the CEO and founder of Influential Capital. Jaron has been an executive in the industry since 2012, previously serving as CEO of Coinsetter, one…
World Economic Forum: Blockchains improve Global EconomyBrian Evans - Oct 08, 2018
Beginning as a technology for financial ledgers only, blockchains have grown to become the corporate hype word around the globe. It’s touted as the invention that will…
‘Rehypothecation’: More about the Wall Street Practice that Could Ruin BitcoinBrian Evans - Oct 08, 2018
Note: This is part 4 in a multi-part article series exploring rehypothecation and commingling in bitcoin and other cryptocurrency markets. Part 1 and part 2 are interviews…