205 ILCS 730/1
Short title
Short title. This Act may be cited as the Blockchain Technology Act. (Source: P.A. 101-514, eff. 1-1-20.)
Illinois Compiled Statutes 205 ILCS 730 — Blockchain Technology Act.
Illinois · statute · 205 ILCS 730 · 5 active provisions
205 ILCS 730/5
Definitions
Definitions. As used in this Act: "Blockchain" means an electronic record created by the use of a decentralized method by multiple parties to verify and store a digital record of transactions which is secured by the use of a cryptographic hash of previous transaction information. "Cryptographic hash" means a mathematic…
205 ILCS 730/10
Permitted use of blockchain
Permitted use of blockchain. (a) A smart contract, record, or signature may not be denied legal effect or enforceability solely because a blockchain was used to create, store, or verify the smart contract, record, or signature. (b) In a proceeding, evidence of a smart contract, record, or signature must not be excluded…
205 ILCS 730/15
Limitations to the use of blockchain
Limitations to the use of blockchain. (a) If parties have agreed to conduct a transaction by use of a blockchain and a law requires that a contract or other record relating to the transaction be in writing, the legal effect, validity, or enforceability of the contract or other record may be denied if the blockchain con…
205 ILCS 730/20
Local government restrictions
Local government restrictions. (a) A unit of local government shall not: (1) impose any tax or fee on the use of a blockchain or smart contract by any person or entity; (2) require any person or entity to obtain from the unit of local government any certificate, license, or permit to use a blockchain or smart contract;…