The bill would give legal recognition to transfers and registrations made through blockchain smart contracts.
On March 29, the Iowa House of Representatives passed a bill that seeks to legally recognize transactions and registrations made via blockchain smart contracts. The bill — SF541 — gained Senate approval earlier in the month. Under the auspices of the new bill, smart contracts would be given the same legal status as regular contracts, while distributed-ledger technology would be viewed as a reliable electronic store of record. Regarding smart contracts, the bill states:“The bill provides that a contract shall not be denied legal effect or enforceability solely because the contract is a smart contract or contains a smart contract provision.”The bill states that any registration of rights or ownership would not be invalidated by its broadcast on a blockchain network unless the transaction was related specificall
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