Illinois authorities legalize blockchain based contracts
Such stipulations may be recognized as a viable alternative to paper records and legally exempt from local taxes
In the United States, Illinois recognized smart contracts and other records based on blockchain technology as a legal instrument that can be admitted to court, as reported by the Coindesk news portal on January 9th.
Such contracts may be accepted as a viable alternative to paper records and legally exempt from local taxes.
The measure is based on the provisions of the Blockchain Technology Act of the state of Illinois, sponsored by representative Keith Wheeler (R), which entered into force from January 1st, offering new scenarios for smart contracts based on this technology. “The legal effect or enforceability of a smart contract, registration or signature cannot be denied solely because a blockchain was used to create, store or verify the smart contract registration or signature.”
For his part, Alison Mangiero, president of the blockchain technology company TQ Tezos and defender of the Law, said: “The Law guarantees that companies and individual members of the community will not have to navigate a mosaic of local blockchain regulation.”
Illinois is not the only American territory to pass a law that protects records in blockchain, Arizona also joined the list much earlier, on March 29, 2017, in order to legally recognize digital technology firms and smart contracts.
K.Villarroel
Source: infocoin
