(a) As used in this section:(1) “Blockchain distributed ledger technology” means technology that uses a distributed, decentralized, shared, and replicated ledger that is:(A) Either:(i) Public; or(ii) Private;(B) Either:(i) Permissioned; or(ii) Permissionless; and(C) Contains data that is:(i) Securely protected with cryptography;(ii) Immutable;(iii) Auditable; and(iv) Provides an uncensored truth;(2) “Blockchain technology” means a shared, immutable ledger that facilitates the process of recording one (1) or more transactions and tracking one (1) or more tangible or intangible assets in a business network; and(3) “Smart contract” means:(A) Business logic that runs on a blockchain; or(B) A software program that stores rules on a shared and replicated ledger and uses the stored rules for:(i) Negotiating the terms of a contract;(ii) Automatically verifying the contract; and(iii) Executing the terms of a contract.
(1) “Blockchain distributed ledger technology” means technology that uses a distributed, decentralized, shared, and replicated ledger that is:(A) Either:(i) Public; or(ii) Private;(B) Either:(i) Permissioned; or(ii) Permissionless; and(C) Contains data that is:(i) Securely protected with cryptography;(ii) Immutable;(iii) Auditable; and(iv) Provides an uncensored truth;
(A) Either:(i) Public; or(ii) Private;
(i) Public; or
(ii) Private;
(B) Either:(i) Permissioned; or(ii) Permissionless; and
(i) Permissioned; or
(ii) Permissionless; and
(C) Contains data that is:(i) Securely protected with cryptography;(ii) Immutable;(iii) Auditable; and(iv) Provides an uncensored truth;
(i) Securely protected with cryptography;
(ii) Immutable;
(iii) Auditable; and
(iv) Provides an uncensored truth;
(2) “Blockchain technology” means a shared, immutable ledger that facilitates the process of recording one (1) or more transactions and tracking one (1) or more tangible or intangible assets in a business network; and
(3) “Smart contract” means:(A) Business logic that runs on a blockchain; or(B) A software program that stores rules on a shared and replicated ledger and uses the stored rules for:(i) Negotiating the terms of a contract;(ii) Automatically verifying the contract; and(iii) Executing the terms of a contract.
(A) Business logic that runs on a blockchain; or
(B) A software program that stores rules on a shared and replicated ledger and uses the stored rules for:(i) Negotiating the terms of a contract;(ii) Automatically verifying the contract; and(iii) Executing the terms of a contract.
(i) Negotiating the terms of a contract;
(ii) Automatically verifying the contract; and
(iii) Executing the terms of a contract.
(b) A signature that is secured through blockchain technology shall be considered to be in electronic form and an electronic signature.
(c) A record or contract that is secured through blockchain technology shall be considered to be in electronic form and an electronic record.
(d) (1) A smart contract shall be considered a commercial contract.(2) A contract that contains a smart contract term and relates to a transaction shall not be denied legal effect, validity, or enforceability.
(1) A smart contract shall be considered a commercial contract.
(2) A contract that contains a smart contract term and relates to a transaction shall not be denied legal effect, validity, or enforceability.