California adopts the first online privacy law in the nation, restricting the data-collection practices of technology companies. This was the bill designed to circumvent the initiative that was headed for the ballot. Considered a compromise bill, the law still imposes significant obligations on tech companies. The California Consumer Privacy Act, signed into law Thursday, June 28, 2018, requires tech giants to disclose the kind of data they collect about consumers and allows Web users to opt out of having their information sold to third parties, including advertisers. The new privacy rules, which take effect in 2020, apply only to residents in the Golden State. But they could force tech companies to change their business practices nationwide, rather than maintaining two systems — one in California, and another for everywhere else.
Newswire: May 22, 2018.
Dateline: Columbus, Ohio.
Ohio is poised to be the next state to join the trend of those recognizing smart contracts and electronic records as valid under state contract law. Legislation introduced this week would amend the Uniform Electronic Transactions Act to which Ohio is a signatory, and include blockchain records and smart contracts as electronic records under state law.
Most notably in the language of Ohio Senate Bill 300 are provisions that specifically recognize smart contracts, and “a contract may not be denied legal effect or enforceability solely because an electronic record was used in its formation.”
Smart contracts digitally provide trackable and irreversible records of two or more parties entering into agreements, without third-party verification. They are a feature of cryptocurrency transactions, too.
Ohio is the latest in the movement of states passing blockchain-recognition legislation to send a message to that they are friendly places for such business ventures. The Electronic Signature & Records Association, in late March, issued a statement that said despite lawmakers’ good intentions, individual state statutes that seek to define blockchain or smart contract technology, or ensure their enforceability, more often result in inconsistency, confusion and redundancy.
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