Altcoin News: Connecticut May Legalize Smart Contracts

March 11, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The US state of Connecticut may soon legitimize the use of smart contracts in business operations.

The Commerce Committee of the General Assembly of Connecticut has filed a bill of 7310, which proposes to allow the use of smart contracts on blockchain for trade operations in the state. According to the bill:

“No contract relating to a transaction shall be denied legal effect, validity or enforceability solely because such contract is executed through a smart contract.”

In fact, the bill will grant equal rights to firms that use smart contracts in the blockchain or a distributed registry, with those that use more traditional methods to protect information during the execution of a transaction.

Last August, Ohio joined a group of US states that legally recognize data that is stored and transmitted via the blockchain. Back in March 2017, a bill was signed in Arizona, according to which the signatures on the blockchain and the use of smart contracts are officially recognized as legally binding, and in April 2018 the data storage in the blockchain was legalized in the state.

Last year in California, a bill was considered that allows companies to store data on the blockchain, including information on shareholders. Similarly, companies can use the blockchain for administrative purposes in Delaware and Wyoming. At the same time in the states of Florida and Nebraska consideration of the proposed bills on this subject was postponed indefinitely.

Author: Marko Vidrih