Legislators Pave Way for Blockchain Innovation in Ohio

OMA Connections Partner Frantz Ward posted: “… Ohio legislators passed S.B. 220 to amend parts of existing Ohio law to expressly recognize contracts secured through blockchain technology. The concept was previously introduced by State Senator Matt Dolan in a standalone bill earlier this year. The bill was backed by Bernie Moreno, luxury car dealer and influential civic leader, who has been a vocal advocate for making Northeast Ohio a leader in researching and developing blockchain technology.

“The new language amended the Uniform Electronic Transactions Act, which was enacted in 1999, to ensure that electronic transactions would have the same force and effect as transactions completed on paper. The Act now provides certainty that business transactions utilizing blockchain technology to form contracts will be recognized as legally binding in Ohio.”