Blockchain Technology Act

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The Blockchain Technology Act is an Illinois state bill sponsored by Rep. Keith Wheeler (R) focused on legalizing blockchain technology and smart contracts. The law went into effect on January 1, 2020.[1]

Sections 1, 5, and 10 of the bill specifiy that "a smart contract, record, or signature may not be denied legal effect or enforceability solely because a blockchain was used to create, store, or verify the smart contract, record, or signature." The law also says that information presented as evidence during legal proceedings must not be excluded simply because it came from a blockchain or smart contract. Essentially, Blockchain Technology Act legitimized blockchains as a legal method of admissable record-keeping. Sections 15 and 20 state that under Illinois law, smart contracts could be used as legal contracts with some exceptions. These sections also describe acceptable conditions in which blockchains and smart contract applications could be applied to public utilities, leasing agreements, health insurance, and the public sale of material products and services, as well as guidelines for local taxation on relevant products and services.[2]

References

  1. Illinois Legalizes Blockchain Contracts. Coindesk.
  2. Public Act 101-0514. Illinois State Government.