The governor of Delaware John C. Carney Jr. has officially approved a bill that aimed to legalize using blockchain or distributed ledger technology for the creation or maintenance of corporate records, CoinDesk reported.
The Senate Bill 69 was signed on 21 July 2017. Former Governor Jack Markell launched an initiative last May to help the state to embrace the emerging blockchain and smart contract technology industry.
"Smart contracts offer a powerful and innovative way to streamline cumbersome back-office procedures, lower transactional costs for consumers and businesses, and manage and reduce risk," said Governor Markell at the time.
The bill was formally introduced in May 2017 and amends Delaware’s General Corporation Law. It states:
“Amendments…and related provisions are intended to provide specific statutory authority for Delaware corporations to use networks of electronic databases (examples of which are described currently as distributed ledgers or a blockchain) for the creation and maintenance of corporate records, including the corporations stock ledger.”
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