2019 Arkansas Code
Title 25 - State Government
Chapter 32 - Uniform Electronic Transactions Act
§ 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 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.
