The U.S. State of Illinois made a massive step towards further<a href="https://www.cryptoknowmics.com/news/mike-mcglone-on-what-makes-bitcoin-lead-the-adoption-race"> blockchain adoption</a>. According to the Blockchain Technology Act, which took effect on January 1st, blockchain-based smart contracts satisfy the law under certain circumstances.

&nbsp;
<h2>Boosting the Crypto Space</h2>
The U.S. State of Illinois took a giant leap in their efforts to further blockchain adoption. According to the Blockchain Technology Act, which came into effect on January 1st, these blockchain-based contracts are satisfying the law under particular circumstances. One of the biggest hurdles facing the regulators is how to define the crafting legislation for the cryptocurrency field. For example, SEC has been finding it a tough nut to crack for a considerable amount of time now, stating that Bitcoin and Ether (ETH) can’t be categorized as secure, whereas the same applies for the rest of the digital assets launched in initial Coin Offerings, for instance.

&nbsp;

The State of Illinois has, however, made a massive step in their attempt to regulate blockchain-based technologies with the <a href="http://www.ilga.gov/legislation/publicacts/101/101-0514.htm">blockchain technology act</a>. The bill serves the instant purpose of addressing the very definition of blockchain. It came into effect on January 1st and is sponsored by Rep. Keith Wheeler. The document reads - “Blockchain means an electronic record created by the use of a decentralized method by multiple parties to verify and store a digital record of transactions which is secured by the use of a cryptographic hash of previous transaction information.

&nbsp;

 The bill also clears up the concepts of cryptographic hashes, electronic records, and smart contracts. It is also “a smart contract, record, or signature may not be denied legal effect or enforceability solely because a blockchain was used to create, store, or verify the smart contract, record, or signature.” It means that Smart contracts can now be presented in court and can provide validation and to assert enforceability. While the decision from the State of Illinois might be regarded as a revelation in the U.S., it's worth noting that China is already at the forefront.

&nbsp;

The State Of Illinois Legalizes Blockchain-Based Smart Contracts

State of Illinois have have legalised smart contracts which run on a blockchain-base,taking a monumental step towards blockchain adoption.

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.

The State Of Illinois Legalizes Blockchain-Based Smart Contracts

Top Picks