Ohio Could Soon Legally Recognize Blockchain Data

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Blockchain technology expands all over the world and in the United States. Ohio may be the next U.S state to legally recognize smart contracts and records stored on a blockchain. The information has been released by Senator Matt Dolan, who introduced the Senate Bill 300.

Blockchain Technology Expands

Blockchain technology expands and it is being implemented across different industries and enterprises. And governments are trying to understand how to regulate it and integrate it in the economic, social and political life.

According to the Senate Bill 300, which has been introduced by Senator Matt Dolan, the intention is to amend sections of the Uniform Electronic Transaction Act to include blockchain records and smart contracts.

This bill is very important because it will be recognising distributed ledger technology and smart contracts as electronic information which can also provide ownership rights

The bill reads as follows:

“Notwithstanding any other law, a person that in or affecting interstate or foreign commerce, uses blockchain technology to secure information that the person owns or has the right to use retains the same rights of ownership or use with respect to that information as before the person secured the information using blockchain technology.”

This is an important step for Ohio if it wants to attract companies working with blockchain technology and smart contracts. It will be ahead of other states that did not legalize this technology.

US States Implement Blockchain Tech and Cryptocurrencies

There are different US States that are working with distributed ledger technology or virtual currencies. As blockchain grows and expands it is important to have a legal framework that supports this innovative change.

Back in February, the state of Georgia announced that it could start accepting cryptocurrencies for taxes. According to a bill presented, the intention is to allow citizens to pay their taxes using Bitcoin and other virtual currencies.

The bill explains:

“The commissioner shall accept as valid payment for taxes and license fees any cryptocurrency, including but not limited to Bitcoin, that uses an electronic peer-to-peer system.”

In Arizona the situation is very similar, where the representative Jeff Weninger, has explained that the intention is to build a state where Blockchain Technology and cryptocurrencies are accepted.