Recently, a member of Florida introduced a bill that, if passed, would blockchain data and intelligence contracts to create a legal basis. House bill 1357 introduces a number of provisions that blockchain ledgers and smart contracts should be considered legally binding methods of data storage, without prejudice to any existing laws and regulations.
It is noteworthy that the act states that "records or contracts obtained through blockchain technology are electronic and electronic records" and confirm that the signatures recorded through the blockchain can also be valid electronic signatures.
Thus, the Act outlines that if a person uses the blockchain to guard against domestic or foreign commercial risks, his ownership will be protected. In other words, if someone uses the blockchain ledger to store information, the person's legal rights to that information will be legally recognized.
Similarly, the act states: "A contract can not be denied its validity simply because it uses an electronic record in the formation of the contract and the contract contains a smart treaty."
If signed into law, the bill will make Florida the latest state to recognize blockchain records and smart contracts. Last year, Arizona adopted a similar measure recognizing the legal validity of smart contracts while acknowledging the blockchain records as electronic records.
The Vermont Act passed in 2016 is slightly different, allowing the use of blockchain-based data in court as evidence.