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Florida Bill for Smart Contracts and Blockchain Signatures

Jan 12, 2018 Posted /  11717 Views

Florida Bill for Smart Contracts and Blockchain Signatures

A legislator in Florida has advanced a bill, which if enacted, would constitute a legal framework for blockchain data and smart contracts in the U.S. southernmost state. House Bill 1357 establishes multifold provisions pertaining to blockchain ledgers and smart contracts. It stated that these could be considered as a legally binding approach of data storage. The only stipulation that can denounce that if such measures should not break any pre-existing laws or regulations.

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Conspicuously, the bill marks that a "record or contract that is protected through blockchain technology is in an electronic form and is an electronic record," and substantiate that a signature registered with the help of blockchain also succeeds as a legitimate electronic signature.

If the Bill soon is approved by the legislation and everything is finalized, then as an outcome of these qualifications, then if a person will utilize blockchain to protect interstate or foreign business enterprises, it would not impact its ownership rights. In other words, if any person utilizes a blockchain ledger to record information, the bill would legally acknowledge that person's rights pertaining to that information.

Similarly, the bill states:

"A contract may not be denied legal effect or enforceability solely because 1. An electronic record was used in the formation of the contract [and] 2. The contract contains a smart contract term."

If the bill were soon signed into law, it would essentially make Florida the most recent state to distinguished as one acknowledging blockchain records and smart contracts. Last year, the state of Arizona passed a comparable gauge, with matching interpretation on corroborating blockchain records as electronic records, as well as giving smart contracts legal force. The only different bill was passed in Vermont, when passed in 2016, permitted to the usage of blockchain-based data as proof in court.

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Tags: Smart Contracts Blockchain Signatures

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