Arizona Governor, Doug Ducey has led the team of legislatures by signing the latest Blockchain bill into the state law. The bill will enable the business organizations to seize and share data through a distributed ledger while at the same time ensuring the transparency and security of data.
The blockchain bill was first mentioned as an adjustment to the existing Arizona Statutes in February this year by one of the House Representatives, Rep. Jeff Weninger as part of the state’s strategy to allow the emerging technologies in Arizona. The bill will also enable the freedom of purchasing digital currencies that were once restricted in the region.
According to Weninger, the world should embrace the emerging technologies such as the blockchain technology and cryptocurrencies so as to increase the revenue generation for the state governments. For instance, the state residents need to be allowed to pay their tax dues using the virtual currencies such as Bitcoin (BTC).
Generally, across all the US, the state governments are increasingly passing laws on how to regulate the cryptocurrencies and blockchain technology to ensure that the sector is well governed to eliminate all the risks and uncertainties associated with the industry such as the volatility of the crypto asset prices.
In the newly passed law, the corporations would be allowed to both holds and share their crucial data on the powerful blockchain. Before the law was signed, the Senate unanimously voted for the bill apart from only four House Representatives who voted against the passing of the law, hence it’s definitely evident that majority of people in the US and particularly the Arizona residents are ready to embrace the new technologies such as the digital currencies and blockchain technology.
The new legislation was realized after the state government recognized how easy it is to record the authentic signatures on the blockchain and smart contracts to make them legal documents. With the already passed law, Arizona will now allow the companies to use the legally recognized electronic signatures to transact the business across the region.