The utilization of blockchain smart contracts in business could be legalized in the U.S. state of Connecticut before long. Blockchain smart contracts could soon be legal thanks to Connecticut lawmakers.
House bill 7310 was filed on Friday by The Commerce Committee of the Connecticut General Assembly. This bill proposes that blockchain smart contracts ought to be permitted for trade in the state.
The bill says:
“No contract relating to a transaction shall be denied legal effect, validity or enforceability solely because such contract is executed through a smart contract.”
The bill would, essentially, impart rights to firms that utilize smart contracts on a blockchain or distributed ledger with those that utilize customary techniques to verify data regarding a transaction.
In other places in the U.S., a similar bill was passed in Ohio passed last August. While in October Florida’s attempt to treat blockchain records and smart contracts as lawful strategies for information storage were dismissed.
A year ago, The Chamber of Digital Commerce, a trade affiliation speaking on behalf of the blockchain business, examined new smart contract laws. They came to the conclusion that the institution of state enactment with respect to smart contracts is pointless. Also, it conceivably undermines the development of the business.
The association also added at the time:
“Existing legal frameworks for defining and giving legal effect to contracts cover smart contract technology. Nothing regarding smart contracts ought to change existing definitions or the application of current contract law. Additional laws are largely unnecessary and will only serve to confuse the application of current law.”