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Florida bill would legally recognize the signatures of Blockchain

A lawmaker in Florida has introduced a bill that, if adopted, would create a legal framework for blockchain data and smart contracts in the U.S. state.

11.Jan.18 4:00 AM
By Daria Zaytseva


Florida bill would legally recognize the signatures of Blockchain

The bill 1357 contains several provisions according to which blockchain ledgers and smart contracts are considered as legally binding methods of data storage - provided that such measures do not violate any pre-existing laws or regulations.

It is noteworthy that the bill states that "a record or contract that is provided with blockchain technology is in electronic form and is an electronic record" and confirms that the signature recorded through the blockchain is also qualified as a valid electronic signature.

As a result of these qualifications, the bill provides that, if a person uses a blockchain to provide interstate or foreign commercial enterprises, this would not affect ownership rights. In other words, if someone used a blockchain ledger to store information, the bill would legally recognize this person's rights to that information.

If it is signed, the bill would make Florida the most recent state to recognize records of blockchain and smart contracts. Last year, Arizona adopted a similar measure, with identical notes on confirming blockchain records as electronic records, and also provided reasonable legal forces to contracts.

A slightly different bill in Vermont, adopted in 2016, allowed the use of data based on blockchain as evidence in court.

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