Tennessee Passes Bill Acknowledging Smart Contracts For Transactions

Tennessee Governor signs bill for blockchain

The governor of Tennessee has signed a bill recognizing blockchain smart contracts as a legal authority for electronic transactions on March 22. The bipartisan bill can be found on Legiscan.

Legiscan summarizes the bill:

“recognizes the legal authority to use blockchain technology and smart contracts in conducting electronic transactions; protects ownership rights of certain information secured by blockchain technology.”

Senate Bill 1622 was first introduced January 18th, 2018 and was signed by the Tennessee governor this week. The bill passed the House and Senate with no opposing votes.

Section one subsection one of the bill defines blockchain technology as,

“distributed ledger technology that uses a distributed, decentralized, shared, and replicated ledger, which may be public or private, permissioned or permissionless, or driven by tokenized crypto economics or tokenless. The data on the ledger is protected with cryptography, is immutable and auditable, and provides an uncensored truth.”

Section one subsection two of the bill defines smart contracts as,

“an event-driven program, that runs on a distributed, decentralized, shared, and replicated ledger and that can take custody over and instruct transfer of assets on that ledger.”

Tennessee is one of a handful of states that have been passing several blockchain related bills this year.

Bill 1622 can be read on the Tennessee government website.

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About Colton Reece 12 Articles
Litecoin miner and Bitcoin futures trader. Looking to share my knowledge with those who have yet to tackle the cryptocurrency universe. Currently covering cryptocurrency industry updates and major cryptocurrency news reporting at Altcoin Report.