Ohio Passes Blockchain Bill That Will See Data Legally Recognized

Ohio Passes Blockchain Bill That Will See Data Legally Recognized

Blockchain, Law and Regulation, News

Ohio Passes Blockchain Bill That Will See Data Legally RecognizedOhio state legislators have passed a blockchain bill that will see blockchain data as being legally recognizable electronic data and will make Ohio the latest US state to legally recognize blockchain data, alongside Arizona.

Making Ohio a more attractive proposition

The passing of Senate Bill 300, which was introduced by Senator Matt Dolan back in May is seen as an attempt to make Ohio a more attractive proposition to companies who operate within the blockchain industry.

The initial aim of Senator Dolan’s blockchain bill was the act of amending various sections of the Uniform Electronic Transactions Act in order to add smart contracts and blockchain data as legally recognizable electronic data.

The bill proposed at the time also added language to the Uniform Electronic Transactions Act that would provide ownership rights to designated blockchain data

“Notwithstanding any other law, a person that, in or affecting interstate or foreign commerce, uses blockchain technology to secure information that the person owns or has the right to use retains the same rights of ownership or use with respect to that information as before the person secured the information using blockchain technology.”

Smart contracts didn’t make the cut

A lot of the wording of the blockchain bill in its original form was accepted and incorporated into legislation passed by the Senate in June of this year, but some changes were made, with the most noticeable being the removal of smart contracts from the final draft, which means they remain excluded from being considered legal data.

The original version of the bill contained the following concerning smart contracts –

“A contract may not be denied legal effect or enforceability solely because an electronic record was used in its formation, or because the contract contains a smart contracts term.”

At the time of writing, California has similar proposals to see blockchain data become legally recognized data, while both Florida and Nebraska have both rejected proposals on the matter.

Signed by the Governor on Friday, the changes according to the blockchain bill to Ohio legislation are now considered official.

Lover of all things crypto, blockchain and AI, professional tech scribe & part of the editorial team at Crypto Disrupt.

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