The state of Illinois has legalized the storage of information on the blockchain and also recognized its legal validitysmart contracts.
The “Blockchain Technology Law” entered into force on 1January. According to the new document, smart contracts, digital signatures or blockchain entries are defined as a real alternative to paper documents and legally acceptable as testimonies in court.
In addition, the new law protects the entire blockchain.industry from local government interference. A new legal tool enables companies to focus on the development and implementation of new technologies legally.
Illinois– This is far from the first state to legalize the use of blockchain.
In Arizona, smart contracts and signatures on the blockchaingained legal force back in 2017. In 2018, the state of Ohio included blockchain technologies in the legal framework. Last year, the state of Connecticut began considering legalizing smart contracts. And the states of Delaware and Wyoming have already legally allowed the use of blockchain for document storage.