Illinois Officially Recognizes Smart Contacts
Illinois has passed the Blockchain Technology Act that recognises smart contracts and blockchain records as legally binding instruments.
Section 10 of the Blockchain Technology Act permits the use of smart contracts for signing contracts:
“If a law requires a record to be in writing [or signature], submission of a blockchain which electronically contains the record satisfies the law”
The law not only make blockchain-based records sufficient for legal purposes, but also forbids for local governments to interfere. According to Section 20 on local government restrictions, a unit of local government shall not impose taxes, require licenses, or “impose any other requirements relating to the use of a blockchain or smart contract by any person or entity”.
Industry experts share an opinion that with more states joining the movement, blockchain industry might experience higher rate of adoption.