Tennessee Now Legally Recognizes Blockchain Transactions and Smart Contracts
The Tennessee governor has now signed a bill that recognizes the legal authority of smart contracts and blockchain technology in conducting electronic transactions. The state law also guards the ownership rights of specific information secured by blockchain technology.
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According to legislative tracking site LegiScan, Governor Bill Haslam signed the bill on Thursday after being presented in January. The bill describes blockchain technology as quoted below.
Blockchain is a distributed ledger technology that utilizes replicated, shared, decentralized and distributed ledger, which may be private or public, permitted or unpermitted, or spearheaded by tokenized or tokenless crypto economics. The ledger data is secured through cryptography; hence it’s immutable and provides an uncensored truth.
The bill defines smart contract as follows.
Smart contract is an event-driven program that operates on a decentralized, distributed, replicated and shared ledger and that can take custody and instruct transfer of assets on the ledger. According to the bill, smart contracts can also exist in commerce.
Similar laws have been proposed in Nebraska and Florida for implementation. In the recent past, Wyoming approved a bill to build a new asset category of cryptocurrency while Georgia passed a bill to endorse cryptocurrency for licenses and as state tax.
This means cryptocurrency is getting stronger. The question is: who is the master / principal holder. How to guarantee there is no fraud there. Because of relying on digital technology. System fragile, easy to enter the person. Not that I do not agree, but it needs to strengthen security perhaps
Fraud is everywhere. it think people must learn how to beware from them and digital technology as well..
@maksudcrypto True. Know they will become cautious.
@yusfriadi Like traditional methods, think the security on crypto will still be enhanced with time.