Delaware Law Amendments approved by the Corporation Law Section of the Delaware State Bar Association (DSBA) are intended to deliver specific statutory authority for Delaware businesses to utilize the blockchain to maintain corporate records.
In 2015, the then-Governor Jack Markell announced an initiative to embrace blockchain technology, which eventually saw the DSBA Corporation Law Council undertake a study into the use of blockchain technologies by Delaware corporations.
According to a report from Skadden, Arps, Slate, Meagher & Flom LLP [PDF], a firm’s records would be maintained through the blockchain to record stock issuances and transfers, to maintain a list of record holders and other matters.
Section 224 would be amended to permit corporations to rely on the contents of an electronic network as the corporate records, provided the records so kept can be converted into clearly legible paper form within a reasonable time.
According to the firm, the amendments would mean that any type of stock ledger, even electronic ones, would serve three functions: enable the corporation to prepare the list of stockholders entitled to vote; record the information required by the DGCL to be maintained in a stock ledger; and record transfers of stock.
Over the past year, Delaware has been pushing the blockchain agenda as it realizes the benefits of the technology.
So much so, that in November of last year a Delaware judge urged institutional investors to utilize the blockchain as a way of protecting their voting rights.
According to Vice Chancellor J. Travis Laster, the blockchain could help to remove the middleman when it comes to how shares are held and voted, as at present they are operating on an outdated system that is too complex to determine who owns a share and how it’s used in decision making.
Delaware is just one state in the U.S. that is showing an increased interest in the distributed ledger. Only recently, the Senate in the state of New Hampshire considered a blockchain bill that would deregulate digital currency transactions such as bitcoin from money transmitter regulations in the state.
By doing so, the bill is designed to protect consumers when using digital currencies such as bitcoin instead of making them register with money transmitter regulators. It would also mean that companies in the state of New Hampshire would be able to operate without following strict KYC and AML regulations that are required of them at present.
Featured image from Shutterstock.
Bitcoin Cash Hashrate Represents Nearly 10% of the Bitcoin Network
Cryptocurrency miners have ignored Bitcoin Cash for a long time. That is only normal, as the currency wasnât profitable by any means. Now that things are turning around, BCH is quickly getting more
Revain Deploys Blockchain to Improve User Reviews of Products, Services and Businesses
Revain, an Ethereum blockchain-based platform, rewards users for providing feedback on products, services and businesses. By using blockchain technology and artificial intelligence, Revain is designed
Indorse Utilizes Ethereum to Improve Social Networks and Online Reputation
Blockchain technology finally provides the tool that can allow social networks to reward users for their network contributions and at the same time give them complete control of how their personal dat
Bitcoin Price Weekly Analysis â Can BTC/USD Hold This
Bitcoin price failed to move above the $4475 level against the US Dollar, and BTC/USD is now trading near a major support area. Bitcoin price made a good ground this past week above $4000 against
Ethereum Price Technical Analysis – ETH/USD Remains Supported
Ethereum price corrected lower against the US Dollar and Bitcoin, but ETH/USD remains supported above $294 for more gains. Yesterday, we saw a decent rise in ETH price above the $302 level against
Bitcoin Cash Price Weekly Analysis â BCH/USD Monstrous Ride
Bitcoin cash price climbed higher sharply above $900 against the US Dollar. BCH/USD is currently in a monster uptrend, looking for more gains. The past two days were amazing for BCH price as it
Ethereum Price Weekly Analysis â Can ETH/USD Make It?
Ethereum price is consolidating in the bullish zone against the US Dollar and Bitcoin. ETH/USD must clear $317 for a new monthly high. This past week was mostly neutral for ETH price as it
Binance Announces a Platform Upgrade, to Introduce New Features
Binance is one of a kind cryptocurrency trading platform, created by genuine digital asset lovers led by Zhao Changpeng. The platform, having made a name for itself for the quality services is now