AN ACT
ENTITLED, An Act to provide a definition of blockchain technology for certain purposes.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 53-12-1 be amended to read:
53-12-1. Terms used in this chapter mean:
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 53-12-1 be amended to read:
53-12-1. Terms used in this chapter mean:
(1) "Agreement," the bargain of the parties in fact, as found in their language or inferred from
other circumstances and from rules and procedures given the effect of agreements under
laws otherwise applicable to a particular transaction;
(2) "Automated transaction," a transaction conducted or performed, in whole or in part, by
electronic means or electronic records, in which the acts or records of one or both parties
are not reviewed by an individual in the ordinary course in forming a contract, performing
under an existing contract, or fulfilling an obligation required by the transaction;
(3) "Blockchain technology," technology that uses a distributed, shared, and replicated ledger,
either public or private, with or without permission, or driven with or without tokenized
crypto economics where the data on the ledger is protected with cryptography and is
immutable and auditable;
(4) "Computer program," a set of statements or instructions to be used directly or indirectly
in an information processing system in order to bring about a certain result;
(5) "Contract," the total legal obligation resulting from the parties' agreement as affected by
this chapter and other applicable law;
(6) "Electronic," any technology, including blockchain technology, using electrical, digital,
magnetic, wireless, optical, electromagnetic, or similar capabilities;
(7) "Electronic agent," a computer program or an electronic or other automated means used
independently to initiate an action or respond to electronic records or performances in
whole or in part, without review or action by an individual;
(8) "Electronic record," a record created, generated, sent, communicated, received, or stored
by electronic means. The term includes a record that is secured through blockchain
technology;
(9) "Electronic signature," an electronic sound, symbol, or process attached to or logically
associated with a record and executed or adopted by a person with the intent to sign the
record. The term includes a signature that is secured through blockchain technology;
(10) "Governmental agency," an executive, legislative, or judicial agency, department, board,
commission, authority, institution, or instrumentality of the federal government or of a
state or of a county, municipality, or other political subdivision of a state;
(11) "Information," data, text, images, sounds, codes, computer programs, software, databases,
or the like;
(12) "Information processing system," an electronic system for creating, generating, sending,
receiving, storing, displaying, or processing information;
(13) "Person," an individual, corporation, business trust, estate, trust, partnership, limited
liability company, association, joint venture, governmental agency, public corporation,
or any other legal or commercial entity;
(14) "Record," information that is inscribed on a tangible medium or that is stored in an
electronic or other medium and is retrievable in perceivable form;
(15) "Security procedure," a procedure employed for the purpose of verifying that an electronic
signature, record, or performance is that of a specific person or for detecting changes or
errors in the information in an electronic record. The term includes a procedure that
requires the use of algorithms or other codes, identifying words or numbers, encryption,
or callback or other acknowledgment procedures;
(16) "State," a state of the United States, the District of Columbia, Puerto Rico, the United
States Virgin Islands, or any territory or insular possession subject to the jurisdiction of
the United States. The term includes an Indian tribe or band, or Alaskan native village,
which is recognized by federal law or formally acknowledged by a state;
(17) "Transaction," an action or set of actions occurring between two or more persons relating
to the conduct of business, commercial, or governmental affairs.
Section 2. That the code be amended by adding a NEW SECTION to read:
Section 2. That the code be amended by adding a NEW SECTION to read:
As used in title 47, the terms, electronic, electronic transmission, or electronically transmitted,
include blockchain technology, as defined in § 53-12-1.
An Act to provide a definition of blockchain technology for certain purposes.
An Act to provide a definition of blockchain technology for certain purposes.
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I certify that the attached Act originated in the
HOUSE as Bill No. 1196
____________________________
Chief Clerk ____________________________
Speaker of the House
Attest:
____________________________
Chief Clerk
____________________________
Attest:
____________________________
Secretary of the Senate
House Bill No. 1196 File No. ____ Chapter No. ______ |
Received at this Executive Office this _____ day of _____________ ,
20____ at ____________ M.
By _________________________
for the Governor
The attached Act is hereby
approved this ________ day of
______________ , A.D., 20___
____________________________
Governor STATE OF SOUTH DAKOTA, ss.
Office of the Secretary of State
Filed ____________ , 20___
____________________________ Secretary of State
By _________________________ |
