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A California lawmaker wants to make the blockchain signatures and smart contracts legal. The Assembly member Ian Calderon has proposed last week the Assembly Bill 2658, which refers to the possibility of including the electronic records on a blockchain technology.
He stated that “A record that is secured through blockchain technology is an electronic record”. However, the existing regulation related to the digital records states that “a record or signature may not be denied legal effect or enforceability solely because it is in electronic form and that a contract may not be denied legal effect or enforceability solely because an electronic record was used in its formation”.
According to the Assembly Bill 2658, Ian Calderon states about the licenses that “The department may suspend a licensee from providing records by electronic transmission if there is a pattern or practices that demonstrate the licensee has failed to comply with the requirements of this section. A licensee may appeal the suspension and resume its electronic transmission of records upon communication from the department that the changes the licensee made to its process or system to comply with the requirements of this section are satisfactory.”
He stated that “A record that is secured through blockchain technology is an electronic record”. However, the existing regulation related to the digital records states that “a record or signature may not be denied legal effect or enforceability solely because it is in electronic form and that a contract may not be denied legal effect or enforceability solely because an electronic record was used in its formation”.
According to the Assembly Bill 2658, Ian Calderon states about the licenses that “The department may suspend a licensee from providing records by electronic transmission if there is a pattern or practices that demonstrate the licensee has failed to comply with the requirements of this section. A licensee may appeal the suspension and resume its electronic transmission of records upon communication from the department that the changes the licensee made to its process or system to comply with the requirements of this section are satisfactory.”