Connecticut Lawmakers Propose the Legalization of Blockchain Smart Contracts

Reports show that the U.S. state of Connecticut is on course to legalize Blockchain smart contract use for businesses. At this time, it is understood that lawmakers in the state have proposed a bill. The bill will see the use of Blockchain smart contracts for businesses legalized. The bill is called bill 73109.

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Bill 73109 Will See Blockchain Smart Contracts Authorized for Commerce

As per the report, the Commerce Committee of Connecticut State Assembly filed house bill 7310 this past Friday. The initiative is proposing that Blockchain-backed smart contracts should be activated for commerce in the state of Connecticut.

Here is how the bill 73109 puts it:

“No contract in relation to a transaction will be denied legal effect, enforceability or solely because such a contract is executed via a smart contract.”

Equal Rights Firms Using DLT/Smart Contracts & Traditional Models  

According to the above statement, bill 73109 if passed into law would give equal rights to companies using smart contracts on the Blockchain or DLT (distributed ledger technology) with firms that use more traditional models to secure data in connection with any transaction. This shows how far the state has come when it comes to Blockchain development and implementation.

Ohio Was There Before Connecticut- Cambridge Blockchain

Other states may have moved ahead before Connecticut. Elsewhere in the U.S., the state of Ohio passed a similar bill into law in August of 2018. The state of Florida’s effort to handle smart contracts and Blockchain ledgers as legally-binding models for data storage didn’t pass into law last October.

In other news, the Chamber of Digital Commerce, last year opened an investigation on the new smart contract laws. In the end, the body “concluded that the enactment of state legislation when it comes to smart contracts potentially undermines the growth of the Blockchain industry and is totally unnecessary.” The Chamber of Digital Commerce is a trade association that represents the blockchain industry in the country.

At the time of the report, the Chamber of Digital Commerce said:

The existing legal framework for defining and providing a legal effect to contracts can cover the smart contract technology. Nothing regarding smart contracts should change the existing definitions or how the current contract law is applied. At this point, additional laws are unnecessary. They will only cause confusion regarding the application of existing law.”

Some positive blockchain news in the cryptospace

The United States is now the leading country to offer Blockchain -related jobs. The report came via a research by The NextWeb (TNW). It was published on March 8.

For its research, TNW gathered data from job and recruiting platform Glassdoor. They found all job offerings that had “Blockchain” in their listing in different countries around the globe. After gathering the data, the team asserted that the US is the world’s leader in Blockchain jobs.

The results showed that the U.S. has up to half, or about 2,616, of the total 5,711 blockchain jobs that were listed on Glassdoor around the globe. The United States followed by the UK. The UK offers 1,015 Blockchain-related jobs. India comes third with 257 Blockchain job postings.

Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.


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