In Delaware, proposed a bill legalizing corporate use of the blockchain

Published on March 19, 2017

In Delaware, proposed a bill legalizing corporate use of the blockchain

    Many use the blockchain as a database for various purposes; but one thing is its use for private purposes, and quite another is interaction with government bodies.

    Corporate bureaucracy will become a bit more technological

    Big business in the USA is quite regulated, and special requirements are also placed on the storage of corporate data. The state of Delaware can be the first US state in which the authorities will recognize the data that is stored using the blockchain.

    The corresponding bill proposed by the working group on corporate law of the Delaware Bar Association.

    Amendments to the general rules of corporate law of the State of Delaware will give legal force to the use of network electronic databases, called the blockchain, for creating and storing corporate data, including accounting for share capital.

    Now the bill is pending approval within the corporate law working group; then it can be officially submitted to the General Assembly (state legislature). If on the way to acceptance it does not undergo significant changes, it can come into force in August of this year.

    Why is it important

    In Delaware, also known as a tax-free state, thanks to its mild fiscal climate, more than half of the Fortune 500 companies are registered : the five hundred largest companies in the world. Of course, the recognition by the state authorities of the blockchain as a way of storing information is not yet a reason to use it. But at least it removes the obstacles to experimenting with him at the level of the largest companies in the world. If at least some of them start using blockchains for storing corporate information, this will be a big step forward for the development of blockchain exsystem in principle.