Florida State Act or will be recognized at the legal level block chain signature and intelligent contract

A U.S. congressman in Florida recently proposed a bill that would create a legal basis for block-chain data and smart contracts if passed. The House Act 1357 introduces a number of provisions that, without violating any existing laws and regulations, block-chain ledger and intelligent contracts should be considered legally binding data storage methods.

It is noteworthy that the Act states that "records or contracts obtained through block chain technology are electronic, electronic records" and that signatures recorded through block chains can also be used as valid electronic signatures.

Thus, the Act outlines that if a person uses a block chain to protect against domestic or foreign business risks, its ownership will be protected. In other words, if someone uses a block-chain ledger to store information, then the law will recognize the person's right to that information.

Similarly, the bill says: "A contract cannot be denied legitimacy simply because the electronic record was used in the formation of the contract and the contract contained an intelligent treaty." ”

If signed into law, the bill would make Florida State the latest state to recognise block-chain records and smart contracts. Last year, Arizona, State passed a similar measure, acknowledging the legal effects of intelligent contracts while acknowledging that block chains were recorded electronically.

The Vermont State bill, passed in 2016, is slightly different, allowing the use of block-chain based data as evidence in court.