Author: Gan Jia Ci
According to the new law proposed by senator Matt Dolan, Ohio may potentially be the next state in United States to acknowledge blockchain records and smart contracts.
Senate Bill 300 proposes to incorporate blockchain records and smart contracts as part of electronic records under the Uniform Electronic Transactions Act. The bill also enables contracts to be legally enforced like other contracts.
The bill will allow blockchain technology to be used to record electronic data and issue ownership rights if it passes successfully. The bill states,
“Notwithstanding any other law, a person that, in or affecting interstate or foreign commerce, uses blockchain technology to secure information that the person owns or has the right to use retains the same rights of ownership or use with respect to that information as before the person secured the information using blockchain technology. This division does not apply to the use of blockchain technology to secure information in connection with a transaction to the extent that the terms of the transaction expressly provide for the transfer of rights of ownership or use with respect to that information.”
The bill also adds that “smart contracts may exist in commerce” and that contracts should be legally enforced and not be “denied legal effect” simply because the contract contain “a smart contract term”.
Florida, Tennessee and California have also proposed bills to incorporate blockchain data into the legal system early this year. States like Arizona and Nevada have officially enacted the bill to recognise blockchain data after they were passed and signed into law.