The corporations of Arizona can now hold and share data on a blockchain after the signing of new legislation into law by the USA state’s governor.
The bill was first introduced by Representative Jeff Weninger. It amends the Arizona Revised Statutes to recognize data written and stored on systems using the technology. Governor Doug Ducey signed the measure on April 3.
The Arizona House passed the bill within eight days of its introduction, and the senate followed suit roughly in a month. While the senate unanimously voted to pass the bill, four House Representatives voted against or abstained.
The amendments come a year after Arizona began recognizing signatures recorded on a blockchain and smart contracts as legal documentation. That law allows these signatures to qualify as legal electronic signatures, so individuals can sign records or contracts on a blockchain.
Lawmakers in Delaware passed similar measures in 2017, becoming the first USA state to provide a legal basis for trading stocks on a blockchain.