Part Definitions

1. Law
2. Tennessee Code
3. Commercial Instruments and Transactions
4. Uniform Electronic Transactions
5. Distributed Ledger Technology
6. Part Definitions

As used in this part:

1. “Distributed ledger technology” means any distributed ledger protocol and supporting infrastructure, including blockchain, that uses a distributed, decentralized, shared, and replicated ledger, whether it be public or private, permissioned or permissionless, and which may include the use of electronic currencies or electronic tokens as a medium of electronic exchange; and
2. “Smart contract” means an event-driven computer program, that executes on an electronic, distributed, decentralized, shared, and replicated ledger that is used to automate transactions, including, but not limited to, transactions that:
   1. Take custody over and instruct transfer of assets on that ledger;
   2. Create and distribute electronic assets;
   3. Synchronize information; or
   4. Manage identity and user access to software applications.

Download our app to see the most-to-date content.