Arkansas § 25-32-122 Signatures and records secured through blockchain technology - Definitions

Arkansas Statutes

§ 25-32-122 — Signatures and records secured through blockchain technology - Definitions

(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 store

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(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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