New York: Smart Contracts Definition and Legality

The State of New York has not yet published any laws defining smart contracts. However, on November 27, 2017, New York Assembly Bill 8780 was proposed to amend the state’s technology law to include definitions for “blockchain technology” and “smart contract” and provide a legal understanding for digital signatures stored on a blockchain. If implemented, this bill would allow for signatures, records and contracts secured through blockchain technology to be recognized as valid electronic representations and therefore operate in commerce.


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