States are not entities known for always adopting the latest emergent technology, but one state recently took a big step in legitimizing blockchain technologies.

A bill passed by the Tennessee general assembly gives a definition of blockchain technology then states that “the data on the ledger is protected with cryptography, is immutable and auditable, and provides an uncensored truth.” The bill goes on to give validity to blockchain signatures as a form of electronic signature and that records or contracts secured through blockchain are to be as valid as any other electronic signature.

The bill gives legitimacy to cryptocurrencies and smart contracts, marking a significant moment in the wider adoption of blockchain technology. One can only wonder how long it will be before more government entities begin to recognize and adopt various aspects of blockchain technology.

Categories: Blockchain

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