Smart contracts are legally enforceable in Tennessee now
The State of Tennessee has officially recognized blockchain technology and smart contracts by giving it official status in relation to the electronic transactions.
The Senate Bill passed by the General Assembly of the State of Tennessee on March 26, 2018, provides the legal definitions of blockchain technology and smart contracts. It also establishes that a signature secured through blockchain technology shall be considered an electronic signature, while the record secured through blockchain technology shall be recognized as an electronic record.
Moreover, the Bill provides a legal status to smart contracts stating, “No contract relating to a transaction shall be denied legal effect, validity, or enforceability solely because that contract contains a smart contract term.”
This Bill is a great step towards the legal acceptance of the blockchain technology by the States. You can read the entire document here.