(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 e 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.Added by Act 2019, No. 1061,§ 1, eff. 7/24/2019.
Arkansas Legal Code