Tag Archives: smart contracts

blockchain regulation

Blockchain regulation: Arizona recognizes it under state law

Another move has been made in Arizona in order to make Blockchain regulation more effective.

In fact, a legislature has creared a bill that would recognize the distributed ledger signature and smart contracts under state law.

At the moment the bill has been sent to the governor’s desk for a final approval.

As previously reported, this bill would make data tied to a blockchain “considered to be in an electronic format and to be an electronic record” in the US State of Arizona.

Also, the bill quotes specifically the Ethereum smart contracts, so there is a specific effort with the main goal of capturing new kinds of delivering information – the distributed ledger– under existing laws.

The bill explains:

“‘Smart contract’ means an event-driven program, with state, that runs on a distributed, decentralized, shared and replicated ledger and that can take custody over and instruct transfer of assets on that ledger.”

This bill was sent to sent to Governator Doug Ducey’s office on March 27th,  after clearing the Senate by a 28-1 vote on the 23rd.

Even if it’s not so clear if or when the governor will sign the bill, its support suggests that this measure will see the light soon.

A few members of the legislature’s lower chamber, in fact, approved this bill unanimously previously this year.

This Arizona bill is similar to a legislation passed and signed in Vermont last year. There, lawmakers proposed to allow data embedded on a blockchain to be used in a court of law.

Click here to read more about Blockchain regulation worldwide.

 

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Amelia Tomasicchio

Smart Contracts through Rootstock, Ethereum and Bitcoin thanks to RSK Labs

smart contracts bitcoin ethereum blockchain
Some days ago Rootstock received $1m in seed funding for its own blockchain startup called RSK Labs who provides smart contracts through the bitcoin distributed ledger and compatible with the Ethereum platform.
The funding came from the bitcoin mining company Bitmain Technology and from the bitcoin companies Coinsilium and Digital Currency Group (DCG).
During a recent interview, Diego Gutierrez Zaldivar, CEO at RSK Labs, commented they aim at building a blockchain platform for bitcoin miners and for developers.
Zaldivar said to CoinDesk:
“Our idea is to leverage everything that has been built by the community so far. Not only on the network effect of bitcoin, because the miners will have an additional revenue stream by merge-mining Rootstock, but by providing Ethereum developers a place to build their applications.”
Probably RSK Labs will launch its platform within the end of 2016. 


Smart contracts with the Blockchain

Even if the RSK Labs is very good news, the most important thing we can learn from this event is the interesting development of contracts managed through the blockchain. 
Smart contracts were originally proposed 20 years ago by the famous cryptographer Nick Szabo
A decentralized blockchain with smart contract applications can allow a global financial inclusion, new democratic political systems and the improve of the Internet of things. 
In fact, smart contracts are technology protocols that verify and ease the stipulation of a contract. 
This way smart contracts can provide a better security compared to a traditional contract and allow a significant reduction in transaction fees. Also, smart contracts can provide a service with less risks and without central counterparties. 
To know more about smart contracts and RSK, read this article.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio