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Ohio Introduces a Bill To Legally Acknowledge Blockchain Data

There are currently seven states in the U.S. that adopted blockchain-associated laws. Vermont, Arizona, Delaware, Illinois, Nevada, and Tennessee are among these states. Now, it seems Ohio is going to join the fold.

The newly proposed law pushed by Senator Matt Dolan states that Ohio is to legally consider smart contracts and information stored in a blockchain. The Senate Bill 300 made minor changes to the Uniform Electronic Transactions Act amending the section to include blockchain digital documents and smart contracts as valid electronic records. Additionally, the amendment permits smart contracts to be legally enforced in the same way as traditional contracts.

While crypto enthusiasts and companies operating within its realm are thrilled, others advise caution. Experts are saying that regulators shouldn’t be too hasty to pass legislation concerning blockchain and cryptocurrency because it’s a complicated technology that needs deep scrutiny.

Associate professor Angela Walch of St. Mary’s University School of Law is interested in the outbreak of blockchain tech and the legislation surrounding it. She stated that lawmakers are passing crypto bills without delving too deeply how the technology operates.

This sentiment is also echoed by Eva Kaili, a member of the Industry, Research and Energy Committee. She said that one of the challenges that makes it difficult for legislators to pass bills around blockchain is that most politicians find themselves out of their element when dealing with this technology.

Still, the growing trend to create regulations about blockchain is at full swing. And here’s one of the reason for it. Since 2012, there have been over $2 billion in capital investment granted to blockchain companies. Blockchain developers are paid around the ballpark of $130,000 to $150,000 annually, with the need for employees with these skills growing as blockchain itself expands.

However, this high-paying career is only concentrated in regions where the tech industry has settled down like Boston and Silicon Valley. By being one of the early states that adopt legislation catering blockchains, regulators hope to attract companies to set-up headquarters within their areas.

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