Menu Close

Arizona lawmakers pass bill recognizing blockchain signatures and smart contracts

Summary

Bill is similar to Vermont legislation passed last year

Newswire: March 27, 2017.

Dateline: Phoenix.

Arizona’s state Senate last week passed a bill recognizing blockchain signatures and smart contracts under state law, and sent it to Gov. Doug Ducey for final approval.

The bill specifies that signatures and documents secured through blockchain technology are considered to be in an electronic form and electronic signatures and records, respectively.

Notably, a clause recognizing smart contracts is also included in the legislation. It says that “a contract relating to a transaction may not be denied legal effect, validity or enforceability solely because that contract contains a smart contract term.”

The legislation passed the Arizona Senate by a 28-1 vote on March 23, and it was sent to Ducey to sign on Monday. Ducey’s position on the legislation isn’t clear, but given the wide support — it was approved by Arizona’s House of Representatives unanimously — he is expected to sign it.

This is not the first time blockchain technology has been the subject of proposed legislation in Arizona. In February, the Arizona House passed a bill, introduced by state Rep. Paul Boyer, to prohibit blockchain or similar technology from being used to keep electronic records of firearms.

The bill was meant to thwart potential record keeping by future firearms that incorporate the technology, which could catalog when it was fired or loaded and other actions. Despite passing the House, it has been held up in committee in the state Senate.

Read the full story here.

(Front page image via Wikipedia)

Contact Us | Sign In | Register | Apply for Membership