Senators in Delaware last week introduced a bill that aims to legally recognize electronic databases, including those created on distributed ledgers or blockchain, for the creation and maintenance of stock ledgers and other business records.
According to CoinDesk, the measure includes a corporation’s ‘stock ledger’, an accounting record that keeps track of all issuances and transfers of stocks.
The bill states:
"Any records administered by or on behalf of the corporation in the regular course of its business, including its stock ledger, books of account and minute books, may be kept on, or by means of, or be in the form of, any information storage device, method, or one or more electronic networks or databases (including one or more distributed electronic networks or databases), provided that the records so kept can be converted into clearly legible paper form within a reasonable time."
The bill also seeks to legally recognize blockchain-based proxy voting. If passed, the bill would be enacted into law as soon as 1st August. However, it might get delayed if the work is not complete before 30 June 2017.
Before the bill is sent to Governor Jack Carney’s office for approval, both chambers of the legislature would have to finalize the bill.
