Assembly Bill 2658 was submitted by Assemblymember Ian Calderon last week. The bill expands the definition of electronic records and signatures. The bill, if passed, would include records and signatures on the blockchain
A record that is secured through blockchain technology is an electronic record.
According to the existing law, a record or signature may not be denied legal effect or enforceability solely because it is in electronic form. A contract may not be denied legal effect because an electronic record was used in its formation.
The bill, if passed, would make a signature on a blockchain legally enforceable.
According to the bill, it addresses data storage on the blockchain and proposes that individuals who choose to use a blockchain to secure personal information should retain the rights of ownership to their information.
California is not the first to introduce such kind of legislation. Last month representatives in Florida introduced similar legislation. Last year lawmakers in Arizona passed a bill that provided blockchain data and smart contracts with legal status.