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Washington+State+Law+deems+Blockchain+Records+as+Legally+Valid+

Washington State Law deems Blockchain Records as Legally Valid

 

Washington State of the U.S, has recently passed a bill which will protect the legal status of electronic records stored on the blockchain. The Senate bill came into effect by Governor Jay Inslee on April 26

The new law explicitly states that electronic records stored on distributed ledger must not be discriminated.

“An electronic record may not be denied legal effect, validity, or enforceability solely because it is generated, communicated, received, or stored using distributed ledger technology.”

The bill has also provided for legal definitions of blockchain and distributed ledger.

The Tennessee legislature was also involved in a similar initiative in March 2018. Governor Bill Haslam had signed a bill which recognized the legal authority of blockchain technology and smart contracts

As CoinMarketFeed previously reported, The County Auditor’s Association of Ohio (CAAO) recently announced the formation of an active group to study distributed ledger technology for the effective transfer of property deeds.

The group formed will purportedly test the use of distributed ledger technology for bringing efficiency to management and execution to real estate transactions. In addition, to transfer of land titles across several nations. Moreover, their ongoing projects will be scrutinized by SafeChain member Tony Frano. This step will help the association set measurable goals also build on operating principle for the new technology.

The state of Ohio has constantly been at the forefront when it came to distributed ledger technology or cryptocurrency adoption. Moreover, it was the first state to accept Bitcoin tax payments in November 2018. Also in December 2018, a total of 7 funds made a pledge to invest over $300 million in blockchain startups through 2021.

In early 2018, Ryan Smith, Ohio House of Representatives Speaker laid foundations for a group of academic figures, lawmakers and industry experts to debate on building the state as a pro-innovation hub for blockchain.

Yesterday, CoinMarketFeed reported The Information Technology & Innovation Foundation (ITIF)  has recently released a list of recommendations for regulation of blockchain and cryptocurrencies.

The guidelines have been bifurcated into major applications such as cryptocurrencies, shared data services, smart contracts, decentralized marketplaces, authenticity tracking, and digital identity applications.

ITIF  has been supportive of blockchain innovation and adoption by developing relevant regulations which bolster the growth of blockchain-based applications. Reflexive measures can also pose a threat to the development and are not a good idea, per the report.

Also, Chinese City Guangzhao recently issued a blockchain license using blockchain and AI. The license has been reportedly issued at the administrative center of Huangpu District. Further, this is the first business license issued using blockchain and AI in China.