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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. 1 min read

The state Senate of California has introduced a bill that would make permanent the use of blockchain technology for corporate records.

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."

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