The Democrat and real estate broker Jason Powell was attracted towards the cryptocurrencies after Bitcoin showed great spiking in 2017. This was the same time that Blockchain industry was blossoming.
Jason, who has served the Tennessee State Legislature for 6 years, introduced a bill in January to bring the Blockchain industry to his homeland.
On March 22nd, the Governor has signed the bill that’s page records maintain on the Blockchain are electronic records and the signatures made using the Blockchain are electronic signatures. A contract will not be invalidated just because it uses the smart contract options in the process.
This law looks to be done in haste and sounds unnecessary. This is a clear effort to show that Tennessee is a place to do business.
Representative Powell says that Tennessee is in support of the Blockchain. The government will do what it good to promote and encourage businesses who deal with it.
As many as 7 states in the US have adopted laws on the Blockchain. One common goal of all the Blockchain laws in different states is to encourage the Blockchain companies to offer high paying jobs to the states.
Many of the lawmakers are passing bills on Blockchain without understanding the technology behind it.