We’ve written occasionally about various states attempting to legalize blockchain throughout the U.S. While some have, there still isn’t a nationwide protocol the technology can rely on to become mainstream. However, things are quickly changing. It’s a good bet that within the next decade, we’ll see blockchain reinventing all of our technologies.
The latest to legalize blockchain is Arizona, something we may see snowball similar laws soon. Part of this comes in the wording of the new Arizona law.
Bringing Smart Contracts to Arizona
If you read through Arizona’s new law, you’ll see how they’ve put forth the concept of smart contracts. Blockchain is the main component of smart contracts allowing you to apply normal contractual processes in digital form.
It’s going to bring a new way to create contracts in Arizona, especially in bringing more privacy and transparency.
What’s also notable is it’s the first legislation officially legalizing smart contracts, something we’ll likely see spread to other states. The new Arizona law essentially removes all previous legal uncertainties tied to smart contracts.
In all online transactions, this is going to become a game-changer in assuring identity and preventing fraud.
What it Could Mean for Arizona Businesses
If you’ve considered opening a business in Arizona, smart contracts could help speed up many transactions in everything from futures, escrow, to insurance.
With the state adhering to the idea that a smart contract is an official electronic document, you can see how wide open the possibilities are. At the center of it is security and being able to trade or send data without worry about hacks or stolen data.
Also, businesses won’t have to worry about identity when sending information. The public ledger technology behind blockchain allows for an openness to discover who sent something and when.
With eight states working on blockchain legislation, we’ll hopefully see a federal law eventually. In the meantime, the business world may become interesting in Arizona. They’ll bring more business trust and productivity than we’ve ever seen before.
Keep reading us at Blockchain Revolution as we explore interesting breakthroughs for this technology.