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Iowa House approves bill to legally recognize blockchain smart contracts

Iowa House approves bill to legally recognize blockchain smart contracts



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  1. “The bill provides that a contract shall not be denied legal effect or enforceability solely because the contract is a smart contract or contains a smart contract provision”

    As a current law student, I can’t even begin to describe how excited I am. This is a step in the right direction. I am looking forward to smart contracts and oracles becoming common use in transactional law.

  2. tldr; The Iowa House of Representatives has passed a bill that seeks to recognize transactions and registrations made via blockchain smart contracts. The bill states that any registration of rights or ownership would not be invalidated by its broadcast on a blockchain network unless the transaction was related specifically to the transfer of the rights in question. Bitcoin would also fall under the scope of the bill.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

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