Ohio Authorities Legalizes Blockchain Data and Smart Contracts
August 8, 2018
The state of Ohio was the last state of the US to legally recognize smart contracts and data stored at distributed ledger.
Back to late spring this year the government of Ohio published a draft that described options for integrating distributed ledger and smart contracts into the digital signature sector for higher security in the innovational environment.
Some excerpts from the draft were added later to the body of the law titled SВ200 that was approved by the United States Senate early summer and then officially attested by the Ohio state governor.
Given the draft of the bill on digital deals approved by the US regulators earlier which integrated a number of amendments from the earlier versions, blockchain data or smart contracts backed by the DLT now have the status of a digital signature.
Note that digital signatures protected with the DLT as well as some other ones stipulated by law are regarded as legitimate.
Remember that earlier it came to public notice that this bill allows for smart contracts to be legitimate like all other contracts. Similar draft has already been approved in Arizona. It must be noted here that at the same time the Californian government began drafting a bill of the same kind back to late winter. The states of Florida and Nebraska decided to put off their proposals and voiced no specific time limits.