February 26, 2020
Last year, the Governor of Illinois signed into law the state’s Blockchain Technology Act. The act, which took effect on January 1, 2020, attempts to answer lingering questions over the legality of smart contracts. Under the act, a “smart contract” is “a contract stored as an electronic record which is ...
The act makes smart contracts and blockchain records admissible as evidence in legal proceedings and prohibits a court from denying a smart contract legal effect because it utilizes blockchain technology.