The Michigan state legislature has presented two expenses that classify enhancing information on a blockchain as a crime, in accordance to House Bills 6257 and 6258 submitted on the US legislative monitoring provider Legiscan June 12.
HB 6257 says that any individual who “falsely makes, alters, forges, or counterfeits a public record” and intends to “injure or defraud another person,” can be prosecuted of a “felony punishable by imprisonment for not more than 14 years.”
HB 6258 alters current Michigan penal code to come with definitions of disbursed ledger era (DLT) as well as to cryptocurrency. It defines cryptocurrency as “digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, and that operates independently of a central bank.”
Both expenses have recently been referred to the Committee on Law and Justice.
By its definition, blockchain supplies a digitized information document that can’t be modified. All events of a blockchain transaction deal with a replica of the blockchain, which means that it could be almost unimaginable to exchange each reproduction of the ledger globally so as to pretend a transaction.
According to the IBM Blockchain Blog, if any blockchain’s document is altered, the signatures will change into invalid so different individuals within the community can be notified about it instantly. Blockchain networks don’t possess one unmarried level of vulnerability for assaults and can’t be altered the usage of a unmarried pc. It will require immense volumes of computing energy to get admission to “every instance” of a blockchain so as to exchange information on the similar time.
Earlier this yr, the state of Tennessee passed legislation that identified the prison authority to use blockchain era and smart contracts for digital transactions. The invoice additionally integrated a provision that “protects ownership rights of certain information secured by blockchain technology.”