California Lawmaker Pushes Bill To Recognize Blockchain Records

Blockchain, News, Regulation | February 23, 2018 By:

California Assemblyman Ian Calderon has introduced a bill that would declare data stored on blockchain to be considered an electronic record.

Calderon, a Democrat from the Gateway Cities region, submitted Assembly Bill 2658 which would expand the existing definition of electronic records and signatures under the Uniform Electronic Transactions Act. The bill proposes that records or signatures will not be able to be denied because they are presented in electronic form.

The bill states, “A signature that is secured through blockchain technology is an ‘electronic signature’ and also updates the term ‘contract’ to account for smart contracts, or self-executing pieces of code that trigger when certain conditions (like a reaching a particular block number on a blockchain) are met.”

The California State Assembly bill also addresses data storage on the blockchain. The bill proposes that individuals who choose to use a blockchain to secure personal information in the course of carrying out interstate or foreign commerce should retain the rights of ownership to their information.

The bill will have to be approved by other state lawmakers alongside Governor Jerry Brown’s signature in order for it to become law.

Similar bills have been introduced in Arizona, Vermont, and Florida. Last month, lawmakers in Florida introduced similar legislation in the state’s House, and Arizona passed a bill last year that provided blockchain data and smart contracts with legal status.