US State Of Illinois Approves Blockchain-Based Smart Contracts

The US State of Illinois has just legalized blockchain-based smart contracts making a huge step towards blockchain adoption. According to the Blockchain Technology Act which took effect at the start of the year, the contracts now officially satisfy the law under certain circumstances as we are about to find out more in our latest blockchain news.

One of the biggest issues for regulators when it comes to crafting legislation for the cryptocurrency is definitions. The SEC has been and is still struggling with crypto regulation before stating that Bitcoin and Ether are not considered as securities while other digital assets launched an initial coin offering and pertained to that definition. The US state of Illinois however, made a serious step towards regulating the blockchain-based technologies with the Blockchain Technology Act.

The new crypto bill that is sponsored by Rep. Keith Wheeler, took effect on January 1^st, 2020 and one of the things that are most interesting is that it addresses the very definition for blockchain itself:

 “Blockchain means an electronic record created by the use of a decentralized method by multiple parties to verify and store a digital record of transactions which is secured by the use of a cryptographic hash of previous transaction information.”

There are also definitions for cryptographic hashes as well in the bill and electronic records and smart contracts as well. The bill also stipulates that a smart contract, signature or record may not be denied legal effect or enforceability mainly because of the blockchain that was used to create, verify or store the smart contract, signature or record. It also adds that the submission of a blockchain-based smart contract that they contain electronically records that satisfy the law if it requires that document to be in the writing.
buy strattera online https://gaetzpharmacy.com/strattera.html no prescription

In other words, the smart contracts are now admissible in court and they can be used to claim enforceability or to even prove merit so this is without question a huge step towards the bigger crypto adoption.

It might seem that there’s a serious legislative breakthrough for the US, it is important to know that China is already way ahead in this regard. In 2018, the Internet Court of Hangzhou confirmed that the defendants can use blockchain to prove innocence. Katherine Wu translated that the court opined that once an issue involves blockchain technology ‘’an open and neutral attitude must be adopted.’’