Signatures and records secured through blockchain technology — Definitions

1. Law
2. Arkansas Code
3. State Government
4. Uniform Electronic Transactions Act
5. Signatures and records secured through blockchain technology — Definitions

1. (a) As used in this section:

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

      1. (A) Either:

         1. (i) Public; or

         2. (ii) Private;

      2. (B) Either:

         1. (i) Permissioned; or

         2. (ii) Permissionless; and

      3. (C) Contains data that is:

         1. (i) Securely protected with cryptography;

         2. (ii) Immutable;

         3. (iii) Auditable; and

         4. (iv) Provides an uncensored truth;

   2. (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. (3) “Smart contract” means:

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

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

         1. (i) Negotiating the terms of a contract;

         2. (ii) Automatically verifying the contract; and

         3. (iii) Executing the terms of a contract.

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

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

4. (d)

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

   2. (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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