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Arkansas Code Title 25. State Government § 25-32-122. Signatures and records secured through blockchain technology--Definitions

Current as of March 28, 2024 | Updated by Findlaw Staff

(a) As used in this section:

(1) “Blockchain distributed ledger technology” means technology that uses a distributed, decentralized, shared, and replicated ledger that is:

(A) Either:

(i) Public; or

(ii) Private;

(B) Either:

(i) Permissioned; or

(ii) Permissionless; and

(C) Contains data that is:

(i) Securely protected with cryptography;

(ii) Immutable;

(iii) Auditable; and

(iv) Provides an uncensored truth;

(2) “Blockchain technology” means a shared, immutable ledger that facilitates the process of recording one (1) or more transactions and tracking one (1) or more tangible or intangible assets in a business network; and

(3) “Smart contract” means:

(A) Business logic that runs on a blockchain; or

(B) A software program that stores rules on a shared and replicated ledger and uses the stored rules for:

(i) Negotiating the terms of a contract;

(ii) Automatically verifying the contract; and

(iii) Executing the terms of a contract.

(b) A signature that is secured through blockchain technology shall be considered to be in electronic form and an electronic signature.

(c) A record or contract that is secured through blockchain technology shall be considered to be in electronic form and an electronic record.

(d)(1) A smart contract shall be considered a commercial contract.

(2) A contract that contains a smart contract term and relates to a transaction shall not be denied legal effect, validity, or enforceability.

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Cite this article: FindLaw.com - Arkansas Code Title 25. State Government § 25-32-122. Signatures and records secured through blockchain technology--Definitions - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-25-state-government/ar-code-sect-25-32-122/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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