Ark. Code Ann. § 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. Added by Act 2019, No. 1061,§ 1, eff. 7/24/2019.

(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.

(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;

(A) Either: (i) Public; or (ii) Private;

(i) Public; or

(ii) Private;

(B) Either: (i) Permissioned; or (ii) Permissionless; and

(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;

raphy; (ii) Immutable; (iii) Auditable; and (iv) Provides an uncensored truth;

(A) Either: (i) Public; or (ii) Private;

(i) Public; or

(ii) Private;

(B) Either: (i) Permissioned; or (ii) Permissionless; and

(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;

(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.

(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.

(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.

(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.