Blockchain Data Would be Legally Recognized Under California Bill

Feb 21, 2018

Blockchain technology, as it continues to progress in sophistication and scale of use, offers the potential to transform the landscape of the financial industry. No longer considered a novel idea, the technology has increasingly drawn support from well-established sources. The California state government recently introduced a bill geared towards recognizing blockchain signatures and smart contracts under the law. Other states, such as Florida and Arizona, have taken similar measures to attempt to legally recognize blockchain contracts. This has the potential to thrust blockchain technology further into the national spotlight, and display just how prevalent the technology has become. A potential side effect, if this bill were to pass, may be a rise in the support the technology’s derivatives, cryptocurrencies.

Cryptocurrencies, built on the back of blockchain technology, stand to benefit from events such as this. Increases in credibility of the technology will almost assuredly boost confidence in the long-term viability of the cryptos built upon it. Much skepticism still exists regarding the usefulness and long-term sustainability of cryptocurrencies. If the technology that coins are built on are seen to be gaining long term traction, it will bode well for the currencies themselves.

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