Smart Contracts Legally Recognized in Tennessee

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Blockchain data and smart contracts are now legally recognized under Tennessee law, following a bill signed by governor Bill Haslam, according to Coindesk.

The bill was signed on Thursday, as shown on the public records. Even if the process took months to complete, it was accepted unanimously by both chambers.

This is not a first, as Florida and Nebraska are also considering to implement laws to store legislative data on a blockchain. The voting process has not started for any of these states.

“As introduced, recognizes the legal authority to use blockchain technology and smart contracts in conducting electronic transactions; protects ownership rights of certain information secured by blockchain technology,” the bill reads.

The bill considers smart contracts to have a legal power,

“No contract relating to a transaction shall be denied legal effect, validity, or enforceability solely because that contract contains a smart contract term.”

Arizona governor also signed a bill allowing residents of Arizona to pay their state taxes with cryptocurrency.

 

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