Florida will legalize the blockchain and smart contracts

In the state of Florida presented a bill that, if adopted, will become the legal basis for the application of the blockchain and smart contracts. The bill 1357 introduced in the House of representatives of the state, contains several provisions under which the registries of the blockchain and smart contracts are viewed as legally recognized methods of data storage, provided that they do not violate any existing laws and regulations.

It is noteworthy that the bill States that «a record or a contract provided by the technology of the blockchain exists in electronic form and an electronic record» and confirm that the signature recorded in the blockchain, also qualifies as a valid electronic signature.

The bill provides that if a person uses the blockchain to work Federal or foreign commercial enterprises, it will not affect the right of ownership. In other words, if someone used the blockchain to store information, the bill will legally recognize the rights of that person for this information:

«A contract cannot be denied legal effect or enforcement just because:

1. In the formation of the contract used the electronic record, and

2. The contract contains conditions in the form of a smart contract.»

In the case of adoption, the bill will make Florida another state that recognizes the validity of the blockchain and smart contracts. Last year Arizona took
a similar law, and Vermont in 2016 recognized the legal force of entries in the blockchain.

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