Blockchain Smart Contracts got legally recognized at Iowa House
The Iowa House of Representatives passed a bill that recognizes registrations and transactions that are made via blockchain smart contracts. Earlier this month, the bill gained Senate approval.
According to the new bill, smart contracts will be given the same legal status as regular contracts. The distributed ledger technology will be seen as a reliable electronic store record.
The bill told that the smart contracts are not legal or property since it is a contract and contains a smart contract provision.
The bill also says that any owner will be valid by its broadcast on the blockchain network.
It clearly states that a person who is involved in interstate or foreign commerce uses distributed ledger technology so that they can secure information.
The bill gained consent on March 29 and was passed through ease at the Senate.
Democratic Representative Steve Hansen said that the bill implementation would lead to broader regulation of cryptocurrency.