Ohio bets for the future and approves Law that endorses the ownership of Blockchain

Lately, politicians from many US states. UU They have been talking about how to handle blockchain technology and cryptocurrency transactions.

About a month ago, the legislative bureaucracy in Ohio succeeded in implementing a new law (SB300) that would recognize ownership of blockchain. Since then, a fraction of the bill was entered into the Uniform Electronic Transactions Act of the state, which states:

It is considered that a registration or contract that is insured through the blockchain technology is in electronic form and is an electronic record.

In other words, financial transactions or services that involve blockchain technology will be taken into account for the records.

Senator Matt Dolan, who introduced the original bill, stated:

"For Ohio to compete for new investments and jobs, we must welcome innovation, new technology and advanced energy. Adopting blockchain technology is a step forward in achieving these goals. "

The general director of financial services Jobs Ohio, Valentina Isakina, believes that lawmakers in Ohio have made the right decision to include blockchain in this legislation.

"Many companies looking to expand their blockchain and R & D operations are creating fast-growing job creators, and now Ohio is even more attractive to these companies," said Isakina.

The news is positive for advocates of the use of blockchain and cryptocurrencies, since there are only a few states that have passed laws that recognize distributed accounting records and electronic signatures.

While blockchain as the Bitcoin Cash protocol provides a peer to peer version of electronic property with the use of digital signatures, certain state laws may not extend to legitimate ownership within the regional judicial system. Both Vermont and Arizona enacted pioneering blockchain and cryptocurrency legislation (with S. 135 and AZ H.B. 2417).

With projects like Cincinnati's Smart City initiative, many politicians want Ohio to be a nerve center when it comes to financial technology. Jobs Ohio believes that blockchain data and electronic signatures will be used for in-state records and will promote Ohio as the "fifth largest state in the financial services industry" in the US. UU

Then, if you are an Ohio resident and have secured the property with a blockchain transaction, it will have a legal impact on a court of law.

Source: Bitcoin News