Ohio Legally Approves Blockchain Data

Seven US states have enacted several types of Blockchain technology laws: Vermont, Arizona , Delaware, Illinois , Nevada, Florida , Tennessee and most recently Ohio. An Ohio senator would have introduced a bill to legally approve Blockchain technology, according to a Coindesk report on May 22.

Bill Legally Recognizing Blockchain Data

Senator Matt Dolan introduced the Senate Bill 300.This makes minor changes to the articles of the Uniform Electronic Transactions Act, to include Blockchain electronic documents and smart contracts as valid electronic documents. Therefore, just like traditional contracts, smart contracts will be legally accepted.

The Blockchain will then be able to store digital data and provide information on property rights.

The bill states that:

Notwithstanding any other law, a person who, in or affecting interstate or foreign trade, uses Blockchain technology to secure information that the person owns or has the right to use, retains the same rights of ownership or exploitation regarding this information, if that person has secured the information through the Blockchain technology.

This division does not apply to the Blockchain technology that secures information in connection with a transaction, to the extent that the terms of the transaction expressly provide for the transfer of ownership rights or use of that information, he added.
Smart contracts can also be used for legal documents.

Some doubts about the adoption of the industry

The regulation of the Blockchain industry is increasing considerably. However, it is a complex technology that requires a thorough examination. Angela Walch, an associate professor at St. Mary's University School of Law, looked into the issue.

Legislators allow crypto-currencies as a method of payment, without seeking to understand the operation of this technology, she concluded.

Eva Kaili, a member of the Industry, Research and Energy Committee echoed Walch's comments. She stressed that "the vast majority of politicians have little knowledge on the subject. "

The growing tendency to regulate the Blockchain is explained in a certain way by the capital investments granted to the technology companies. Since 2012, there has been more than $ 2 billion of capital investment in Blockchain companies (and even more for funds raised for ICOs in 2017 ). The Blockchain promoters' annual payment is estimated at between $ 130,000 and $ 150,000. In addition, the skills of the promoters become stronger as the technology develops.

read also: Columbery prepares for his pre-ICO in May

What do you think of the Ohio bill that legally recognizes Blockchain data? Tell us your opinion in the comments section below.