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Senate committee advances bill recognizing blockchain contracts and smart contracts
Summary
The Senate committee voted to pass House Bill 19 44, which clarifies that blockchain-based "smart contracts" are legitimate and establishes a statutory framework to support blockchain use cases such as food-traceability and identity services, with proponents arguing it will attract businesses and workforce investment to Arkansas.
A Senate committee on Thursday moved House Bill 19 44 forward after presentations from technology proponents who said the measure would give legal clarity to automated contracts executed on blockchain platforms.
Unidentified sponsor introducing the bill told the committee the measure would help Arkansas "keep moving forward" with blockchain technology and that it would reduce reliance on middlemen by enabling direct, secure transactions between parties.
Marla Johnson, partner at Blockchain…
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