Blockchain Data and Records Now Legal in Ohio Law
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.
Blockchain Records Now Recognized in Ohio Law
Lately, politicians from most of the states in the US have been talking about how to handle blockchain technology and cryptocurrency transactions. 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’s guaranteed through blockchain technology is considered to be in an electronic form and to be an electronic record. About a month ago bureaucrats from Ohio ushered in a new bill (SB300) that would acknowledge blockchain ownership.
The Jobs Ohio financial services managing director, Valentina Isakina, believes Ohio lawmakers have made the right decision to add blockchain in this legislation. “Many companies seeking to increase their blockchain and R&D operations are rapidly growing job creators, and Ohio is currently even more attractive to these businesses,” Isakina clarifies. 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 attain these goals.
Ohio Joins a Few States with Blockchain Legislation
The news is positive for blockchain and cryptocurrency advocates as there are only a few states that have approved legislation that recognizes distributed ledger recorded data and electronic signatures. While blockchains like the Bitcoin Cash protocol give a peer-to-peer version of electronic ownership with the use of digital signatures, certain state laws might 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, several politicians want Ohio to be a hub with regards to financial technology. So if you are a resident from Ohio and you guaranteed ownership with a blockchain transaction, it will have legal bearing in a court of law. 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.