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A bill was recently passed in the state of Tennessee which will please a growing number of cryptocurrency fans, as well as blockchain enthusiasts. The governor of Tennessee had signed a bill that would recognize,
“the legal authority to use blockchain technology and smart contracts in conducting electronic transactions.”
There has long been a battle between whether cryptocurrencies alike can be recognized and used as an official method of payment.
This new bill was signed by Bill Haslam also mentions about certain security and privacy issues. The bill will,
“protects the ownership rights of certain information secured by blockchain technology”, under Tennessee state law.
As mentioned above:
This is brilliant step forward for the advancement of smart contracts, as well as blockchain technology and with the state of Tennessee officially recognizes transactions conducted using a blockchain,
Also in addition to the ownership rights concerning information secured by blockchain technology.
To elaborate on the bill, it 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.”
Because the governor of the state has signed this bill, new legislation will be put into place, regarding smart contracts and blockchain technology, meaning ..
“A signature that is secured through blockchain technology is considered to be in an electronic form and to be an electronic signature,” as well as “A record or contract that is secured through blockchain technology is considered to be in an electronic form and to be an electronic record.”
With blockchain technology being recognized in this bill, smart contracts are also being recognized, which makes them applicable in many areas of business and technology.
“An event-driven programs, that runs of distributed, decentralized, shared, and replicated ledger and that can take custody over and instruct transfer of assets on that ledger.”
The new bill states that:
“Smart contracts may exist in commerce,”
in addition to:
“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.”
Since the bill was introduced in January, there have been a flurry of supporters and this has caused the bill to be unanimously passed through both chambers of Tennessee’s legislature. This is only a small step towards fully accepting this new technology into the world with all its power and potential, and it is expected to receive some backlash and pressure from people who don’t understand how it can help improve the current business climate.
In order for more states, countries, companies and people to accept blockchain technology we need to be able to work together to push through improvements when needed. Blockchain and smart contracts are a truly revolutionary piece of technology that should be adopted and implemented into many areas of our lives, because of the countless and seemingly endless benefits it possesses...
Reference: https://news.bitcoin.com/tennessee-passes-bill-recognizing-smart-contracts-blockchain-transactions/
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