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Cryptocurrencies

Arizona approves blockchain signatures and smart contracts

Monday 3 April 2017 | 09:51 AM CET

On 29th March, Arizona Governor Doug Ducey has signed the bill HB 2417 into law, thereby recognizing blockchain signatures and smart contracts under state law.

The lower chamber of Arizona’s legislature advanced the bill by a unanimous vote earlier in February 2017. Senators cleared the bill by a 28-1 vote on March 23.

The bill states: “A signature that is secured through blockchain technology is considered to be in an electronic form and to be an electronic signature. A record or contract that is secured through blockchain technology is considered to be in an electronic form and to be an electronic record.”

Furthermore, the measure also includes a clause on smart contracts – self-executing contracts that run on a blockchain, saying: “Smart contracts may exist in commerce. A contract relating to a transaction may not be denied legal effect, validity or enforceability solely because that contract contains a smart contract term.”

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