íàçâàíèå

Tennessee Passes Bill Recognizing Smart Contracts and Blockchain Transactions


The governor of Tennessee has signed a bill into law that recognizes “the legal authority to use blockchain technology and smart contracts in conducting electronic transactions.” The new bill also “protects the ownership rights of certain information secured by blockchain technology” under state law.


Tennessee Legislature Passes Law Recognizing Blockchain Transactions

Tennessee Passes Bill Recognizing Smart Contracts and Blockchain TransactionsThe general assembly of the state of Tennessee has passed a new bill that legally recognizes transactions conducted using a blockchain, in addition to ownership rights pertaining to information secured by distributed ledger technology.

The bill defines blockchain technology as “distributed ledger technology that uses a distributed, decentralized, shared, and replicated ledger, which may be public or private, permissioned or permissionless, or driven by tokenized crypto economics or tokenless.” The bill adds that “The data on the ledger is protected with cryptography, is immutable and auditable, and provides an uncensored truth.”

Under the new legislation, “A signature that is secured through blockchain technology is considered to be in an electronic form and to be an electronic signature,” whilst “A record or contract that is secured through blockchain technology is considered to be in an electronic form and to be an electronic record.”


Smart Contracts Also Recognized Under Tennessee Law

The new bill will also recognize smart contracts – defining such as “an event-driven program, that runs on a distributed, decentralized, shared, and replicated ledger and that can take custody over and instruct transfer of assets on that ledger.”

The bill states that “Smart contracts may exist in commerce,” adding that “an event-driven program, that runs on a distributed, decentralized, shared, and replicated ledger and that can take custody over and instruct transfer of assets on that ledger.”

Since being introduced in January, the bill has been unanimously passed in both chambers of Tennessee’s legislature, comprising a significant step toward the legitimization of the cryptocurrency phenomena.


At news.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published.  

25.03.2018 / 07:54 66
Smart Contracts Now Recognized Under Tennessee Law Smart Contracts Now Recognized Under
The governor of Tennessee has signed a bill that legally recognizes blockchain data under state law. Governor Bill Haslam signed the measure on
Tennessee: New Legislation Prevents Crypto Retirement Funds While Legalizing Blockchain Tennessee: New Legislation Prevents
New legislation in Tennessee aims to stop retirement funds from investing in crypto, while other legislation legalizes Blockchain electronic
Tennessee Lawmakers Aim to Obstruct Retirement Funds from Cryptos Tennessee Lawmakers Aim to Obstruct
Last Tuesday Tennessee bureaucrats pushed forth a bill through the Tennessee Senate Ways and Means Committee that aims to obstruct government
Tennessee Is Closer to Barring Retirement Funds from Crypto Investments Tennessee Is Closer to Barring
A measure to bar public retirement funds from investing in cryptocurrencies is moving ahead in the Tennessee Senate. As previously reported, twin
Wyoming Bill Passes In State Senate, Aims To Exempt Tokens From Security Regulations Wyoming Bill Passes In State Senate,
The Wyoming State Senate has passed a House Bill that exempts certain Blockchain tokens from securities and money transmission regulations. Wyoming
Comments (0)
Add a comment
Comment on