A newly proposed law, Senate Bill 300, could see Ohio become the newest US state to legally recognize data on the blockchain.
The bill, introduced by Senator Matt Dolan, is an amendment to the Uniform Electronic Transactions Act. The amendment includes smart contracts and records on the blockchain and defines them as electronic records.
If the bill would be passed and signed into law, smart contracts would be legally enforceable.
As stated in the bill:
“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.”
Arizona beat Ohio in recognizing blockchain data and smart contracts as electronic records. California, Tennessee and Florida are expected to follow suit as well.