California Seeks to Make Blockchain Corporate Records Bill Permanent

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

• 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 favour of the bill by 32-4 at first reading on Feb. 22.
• The bill would also amend the definition of blockchain technology to mean a decentralized system, which stores "mathematically verifiable" data and uses distributed ledgers "to store specialized data in the permanent order of transactions recorded."
• The existing definition is rather simpler, defining blockchain technology as a "mathematically secured, chronological, and decentralized consensus ledger or database."

See also: California Governor Signs Law Bringing State ‘New Tools’ to Regulate Crypto