Tennessee Passes Bill Recognizing Smart Contracts and Blockchain Transactions Tennessee Legislature Passes Law Recognizing Blockchain Transactions The general assembly of the state of Tennessee has passed a new bill that legally recognizes transactions conducted using a blockchain, in addition to ownership rights pertaining to information secured by distributed ledger technology. The bill defines blockchain technology as “distributed ledger technology that uses a distributed, decentralized, shared, and replicated ledger, which may be public or private, permissioned or permissionless, or driven by tokenized crypto economics or tokenless.” The bill adds that “The data on the ledger is protected with cryptography, is immutable and auditable, and provides an uncensored truth.” Under the new legislation, “A signature that is secured through blockchain technology is considered to be in an electronic form and to be an electronic signature,” whilst “A record or contract tha...