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California Seeks to Make Blockchain Corporate Records Bill Permanent
The bill also makes amendments to the definition of "blockchain technology."
Updated Sep 14, 2021, 12:30 p.m. Published Mar 22, 2021, 5:41 p.m.
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The state Senate of California has introduced a bill that would make permanent the use of blockchain technology for corporate records.
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- At present, California corporations are allowed to use blockchain technology to record information relating to the issuances and transfers of stock until Jan. 1, 2022.
- This legislation, introduced Feb. 19 and set for hearing April 7, would make these provisions permanent.
- The state senate voted in favor of the bill by 32-4 at its first reading on Feb. 22.
- The bill would also amend the definition of blockchain technology to mean a decentralized system that stores "mathematically verifiable" data and uses distributed ledgers "to store specialized data in the permanent order of transactions recorded."
- The existing definition is simpler, defining blockchain technology as a "mathematically secured, chronological and decentralized consensus ledger or database."
See also: California Governor Signs Law Bringing State ‘New Tools’ to Regulate Crypto
