A new bill introduced in Florida would treat blockchain ledgers and smart contracts as legally-binding methods of data storage, on condition that such procedures do not break any pre-existing laws or regulations.
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House Bill 1357 states that a “record or contract that is secured through blockchain technology is in an electronic form and is an electronic record,” and approves that a signature documented on a blockchain meet the requirements as a legal digital signature.
“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,” the bill states.
If passed, Florida would become one of the first states to recognize blockchain records and smart contracts.
In 2016, a bill was passed in Vermont allowing blockchain data as evidence in court.
However, this bill most closely represents the Arizona law passed in 2017 which allows blockchain and smart contracts “considered to be in an electronic format and to be an electronic record”.