Tennessee Now Recognizes Blockchain and Smart Contracts

Tennessee Now Recognizes Blockchain and Smart Contracts.  government

Tennessee becomes the latest state to recognize blockchain technology and smart contracts, also known as “executable distributed code contracts.”

According to Senate Bill (SB) 1662, which was unanimously passed in the Tennessee House and Senate and signed into law by Republican governor Bill Haslam, “No contract relating to a transaction shall be denied legal effect, validity, or enforceability solely because that contract contains a smart contract term.”

Tennessee now joins Wyoming in recognizing blockchain-based electronic records for legal purposes.

This may open the door to further legislation for cryptocurrency and ICOs since blockchain is the foundation to which they are built.