Ohio passes new blockchain data bill
While some US states continue to struggle with blockchain adoption the state of Ohio has recognised blockchain data through its Uniform Electronic Transactions Act (UETA). Ohio took the opportunity to officially recognise electronic signatures through blockchain technology via bill SB220.
But approval for smart contracts remains a legislative omission for the moment (this had been present on an earlier bill, SB300, which stumbled).
Warm financial welcome
The news is likely to get a welcome from Ohio’s financial community, the second biggest for US banks and mortgage companies after New York.
“The new law will further strengthen the state’s position at the forefront of innovation,” said JobsOhio, a private nonprofit corporation promoting job creation and capital investment.
Mid-western Ohio is also supplying companies with legal cover in the event of a data security breach if they can show they have made reasonable steps to put appropriate cybersecurity in place.
“In order for Ohio to compete for new investments and jobs,” Ohio Senator Matt Dolan said, “we must welcome innovation, new technology and advanced energy. Embracing blockchain technology is a step forward to achieve these goals.”
Ohio state governor John Kasich signed off the legislation. Ohio faces a tight Congressional race today, 7 August, with Republican Troy Balderson, a state senator, pitted against Democrat Danny O’Connor.