UK publication, Enterprise, has a simple overview of what US states are introducing blockchain related legislation.
They write in their introduction.
Last week five separate bills were put before three states in the USA. All of the bills have one thing in common, blockchain and in particular, smart contracts. The bills were introduced in Nebraska (3), Florida (1) and Tennessee (1).
While the bills all differ in their language the general focus is on the fact that smart contracts are legally binding. Smart contracts are piece of code created within a blockchain. They are designed to be executed as soon as the conditions that they contain are met. As the smart contracts are created within a blockchain, there is no room for fraudulent changes to the contract. This makes smart contracts extremely powerful. This is one of the reasons US States are keen to enact laws approving them.
It will be interesting to see how these bills affect other legal services inside the US. Electronic Notary Services have seen significant growth over recent years. Smart contracts and blockchain will impact on these services and create new markets. One of the challenges of smart contracts is ensuring that they are correctly coded which means all parties need to be comfortable with the technology.