Florida bill recognizes the signature blockchain and smart contracts

Florida bill recognizes the signature blockchain and smart contracts

In Florida presented a bill that, if passed, will create a legal basis for data in the blockchain and smart contracts in the us state.

The bill House Bill 1357 contains several provisions under which the registries blockchain and smart contracts are recognized as legally valid methods of data storage, provided that they do not violate any existing laws or rules.

The bill States that “a record or a contract secured by blockchain technology is in electronic form is an electronic record,” and confirms that advanced through the blockchain, the signature is regarded as valid electronic signature.

The bill provides that if someone uses the blockchain the registry to store information, the law will recognize the rights of this person on this information.

The bill says:

“A contract cannot be denied legal effect or enforcement because at the formation of the contract used the electronic record and the term smart contract”.

If this law will get legal force, it will make Florida one of the first States which recognized the blockchain record and smart contracts. In the past year, the authorities of Arizona adopted a similar law about confirming the blockchain records as electronic and given legal force smart contracts. A slightly different bill passed in 2016 in Vermont. It is possible to use data based on the blockchain as evidence in court.

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