Washington State Law Now Recognizes Blockchain

Washington State Law Now Recognizes Blockchain

The state of Washington in the U.S. recently passed an important bill that recognizes and protects the status of an electronic record related to distributed ledger technology. The state of Washington is one of several American states to welcome the blockchain industry and promote its growth.

Washington State Prevents Discrimination Against Electronic Records

The new bill will prevent discrimination against electronic records that have been generated, stored, received, or communicated using distributed technology such as blockchain. The bill passed with an overwhelming majority of 96-1, and it will go into formal effect in late July. Furthermore, the bill provides much needed legal definitions for the terms “distributed ledger” and “blockchain.”

Washington Opens the Doors to Blockchain Businesses

With this latest bill, the state of Washington is opening up its doors to a variety of blockchain-based businesses that have already started growing in the United States. One of these is the PropTech platform Propy, which is currently working with local governments in Vermont to facilitate real estate transactions on the blockchain. Propy’s pilot program in Vermont’s South Burlington will serve as an important testing ground for the efficiencies of blockchain technology in real estate.

Tennessee and Ohio: Forerunners in Blockchain Legislation

Washington is just the latest example of American states that are warming up to this new technology. In March 2018, the state of Tennessee made a similar move to that of Washington, when Governor Bill Haslam passed a bill that “recognizes the legal authority of blockchain technology and smart contracts in conducting electronic transactions.” In addition, the state of Ohio also recently introduced a bill that will help allow its government to implement blockchain-aided solutions. For example, blockchain could allow the Ohio government to track and share identifying information, including car licenses and titles.

These states have recognized the potential of blockchain technology. As more governments like Washington pass bills that recognize electronic records related to distributed ledgers, blockchain-driven companies like Propy can begin to operate more effectively and efficiently.