US State of Connecticut Introduces Bill to Authorize Smart Contract Use in Commerce

The Commerce Committee of the Connecticut General Assembly introduced a bill to authorize the use of smart contracts in business.

A committee of the Connecticut state legislature has proposed to authorize the use of smart contracts in commerce in the state, according to official documentation introduced on March 7.

The Commerce Committee of the Connecticut General Assembly (CGA) has introduced House Bill 7310, suggesting that blockchain-powered smart contracts may be used in commerce conducted or initiated in the United States state of Connecticut.

The committee elaborated that any cryptographic signature or a record secured through distributed ledger technology (DLT) should be considered to be in an electronic form and an electronic record.

The CGA Commerce Committee emphasized that no smart contract relating to a transaction should be denied a legal effect or validity only because it is processed through a smart contract rather than a traditional method to secure a transaction data.

A smart contract is a protocol designed to contribute, verify or implement the negotiation or performance of a contract. Blockchain-powered smart contracts allow parties to perform credible transactions directly, without third parties. Containing all the data about the contract terms, smart contract transactions are traceable and irreversible.

On March 6, the General Assembly of the U.S. state of Colorado introduced a bill on examining the possibility of applying blockchain technology in water rights management.
Earlier in February, Cointelegraph reported that two blockchain-related bills were passed in the U.S. state of Wyoming. Both bills, tokenization House Bill 185 and blockchain compliance-related bill, House Bill 74, were introduced in January this year and are set to be enforced later in 2019.

COMMENTS

By Readers$type=blogging$cate=2$count=6

Name

Analysis,498,News,2975,Press Releases,338,Sponsored,137,
ltr
item
CryptoNomus: US State of Connecticut Introduces Bill to Authorize Smart Contract Use in Commerce
US State of Connecticut Introduces Bill to Authorize Smart Contract Use in Commerce
https://images.cointelegraph.com/images/528_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy8xZDY5NTJkZmNhNzViOWZmNTlhZmI2N2I1ZmU1ZGVhZC5qcGc=.jpg
CryptoNomus
https://www.cryptonom.us/2019/03/us-state-of-connecticut-introduces-bill.html
https://www.cryptonom.us/
https://www.cryptonom.us/
https://www.cryptonom.us/2019/03/us-state-of-connecticut-introduces-bill.html
true
4884201149675661183
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share. STEP 2: Click the link you shared to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy