Legal frameworks in a blockchain age
We have seen another interesting development in the cryptocurrency world, as a bill that legally recognizes blockchain data and smart contracts has been signed by the Governor of Tennessee recently. Basically, what this means is that the end user or a company can have ownership rights to certain information that is secured by blockchain technology.
This comes as welcome news for Horizon Communications as it serves as an indication that we are moving toward an age where everything is digitalized. While this may seem like a small step into this technological utopia, we think that this will form the foundation for many other states in the US and countries internationally to follow suit until we have a fully legal system in place for cryptocurrency and blockchain technology.
Similar bills have already been signed in other states such as Florida, Nebraska, and Arizona.. The Nebraska bill has not been voted on by the full Assembly. Last May, the governor of Arizona signed a similar measure into law. Although the advancement of the legal protection of the blockchain technology and cryptocurrency has been slow and incremental, we welcome an age where a digital contract is just as valid as a written one.
What does this mean for companies that utilize cryptocurrency? Although blockchain is highly resistant to hackers, it doesn’t mean that hacking is impossible. As the legal protection begins to extend to blockchain data, we have another layer of protection for both our ICO and our company. One of the great benefits for blockchain is building a trustless system of transactions, as we move towards that future having some legal “backup” is great to see.
Electronic transactions will also be under this lawful protection. Overall, it allows companies that use cryptocurrency to function with more protection than just the existing technology. This also means a safe investment for our ICO investors and we believe that once the legal system is refined, cryptocurrency will function exactly like the existing physical currency.[rb1]
At Horizon, we are optimistic that the future legal protection of blockchain technology is a very positive and beneficial change. Not only are our projects off to an excellent start as we are expanding rapidly, but governments are also doing their part to facilitate our growth. Soon we’ll have ICO’s fully legally recognized in Bermuda, our headquarters, as well.
Gilbert A Darrell is the Founder of Horizon. He has 18 years experience in information technology and telecom solutions, a veteran in Fire and EMS Services, a crypto enthusiast and a member of the Bermuda Government’s Cryptocurrency Task Force.
Horizon Communications is an upcoming fixed wireless internet service provider looking to provide services in Bermuda, the Caribbean and Central America before expanding internationally. While utilizing 4th generation and soon 5th generation wireless technology, it will also heavily incorporate blockchain and cryptocurrency technology, one of the 1st ISP’s in the world to do so, while launching an Initial Coin Offering (ICO) as a part of their capital raise and blockchain integration. More information can be found on their website — www.HorizonComm.co
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