2018-8-9 18:25 |
Governor John Kasich from the Midwestern state of Ohio signed a bill this week that formally recognizes data recorded on a blockchain and electronic signatures as having legal bearing in a court of law. The state joins Vermont and Arizona, two states that have already passed laws that recognize blockchain-based transactions.
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Blockchain Records Now Recognized in Ohio LawLately, politicians from many of the states in the US have been talking about how to handle blockchain technology and cryptocurrency transactions. About a month ago bureaucrats from Ohio ushered in a new bill (SB300) that would acknowledge blockchain ownership. Since then a fraction of the bill made its way into the state’s Uniform Electronic Transactions Act which states:
A record or contract that is secured through blockchain technology is considered to be in an electronic form and to be an electronic record.
The Jobs Ohio financial services managing director, Valentina Isakina, believes Ohio lawmakers have made the right decision to include blockchain in this legislation. “Many companies looking to expand their blockchain and R&D operations are rapidly growing job creators, and Ohio is now even more attractive to these businesses,” Isakina explains.
Senator Matt Dolan who introduced the original bill stated:
In order for Ohio to compete for new investments and jobs, we must welcome innovation, new technology, and advanced energy. Embracing blockchain technology is a step forward to achieve these goals.
Senator Matt Dolan and the group Jobs Ohio believe laws that recognize blockchain data could help the state with innovative tech jobs. Ohio Joins a Few States with Blockchain LegislationThe news is positive for blockchain and cryptocurrency advocates as there are only a few states that have passed legislation that recognizes distributed ledger recorded data and electronic signatures. While blockchains like the Bitcoin Cash protocol provide a peer-to-peer version of electronic ownership with the use of digital signatures, certain state laws may not extend towards legitimate ownership within the regional court system. Both Vermont and Arizona enacted trailblazing blockchain and cryptocurrency legislation (with S. 135 & AZ H.B. 2417).
With projects like Cincinnati’s Smart City initiative, quite a few politicians want Ohio to be a hub when it comes to financial technology. Jobs Ohio believes that blockchain data and electronic signatures will be used for records within the state and touted Ohio as the “financial services industry fifth-largest state” in the US. So if you are a resident from Ohio and you secured ownership with a blockchain transaction, it will have legal bearing in a court of law.
What do you think about Ohio recognizing blockchain data and electronic signatures? Let us know what you think about this subject in the comment section below.
Images via Shutterstock, Cleveland.com, and Wiki Commons.
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