New York A08103 allows signatures, records, and contracts secured through blockchain technology to be considered in electronic form and permits smart.
New York A08103 amends the state technology law to recognize signatures, records, and contracts secured through blockchain technology as electronic forms. It defines blockchain technology as distributed ledger technology that uses a decentralized ledger, protected by cryptography. The bill also allows smart contracts to exist in commerce, ensuring that contracts cannot be denied legal effect solely due to the presence of a smart contract term.
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