Governor Doug Ducey has signed House Bill 2603, or the Corporations/Blockchain Technology bill, as an amendment to the Arizona Revised Statutes, which already supports“signatures and records secured through blockchain technology and smart contracts.” With the amendment, data that’s stored and shared by corporations on the blockchain also becomes valid.
Arizona’s blockchain bill was first introduced to the House in February and passed the State Legislature in a matter of weeks. HB 2603 received strong support from lawmakers, including unanimous support from the Senate and only a handful of “nay” votes in the House. The bill was transmitted to Governor Ducey’s desk in late March, where he signed it into law on April 3.
“The goal is to allow in a couple years for corporations to submit their records on a blockchain,” Representative Jeff Weninger, the sponsor of the bill and a champion for blockchain innovation in the state, told a local news publication.
Last year at about this time, Rep. Weninger introduced the law that recognized blockchain-fueled signatures and smart contracts as valid, which really set in motion the innovation that would follow from policymakers looking to catapult their state as a hotbed for innovation…