In addition to its decentralization and transparency, the blockchain technology also distinguishes its immutability. Similar to a time capsule, the data written in it is preserved forever. Only with very complex measures, these data could be changed. Now the US state has come up with a bill that just wants to criminalize that.
The blockchain enjoys ever increasing popularity. Banks and financial institutions were warned about a $ 1.7 billion budget increase for this technology. The subsidiary of the South Korean messenger market leader cocoa, Ground X, wants to use the Blockchain for the solution of humanitarian problems. In Abu Dhabi The first exchange plans to use blockchain to streamline transactions and increase security. The worldwide interest of different sectors in the blockchain can be explained by their distinctive features. This way, it can be viewed by anyone at any time and can neither be centrally monitored nor subsequently changed. This immutability wants to hold the US state now legally.
Up to 14 years in prison
On June 12th, MEP Curt VanderWall introduced a bill providing for an amendment to the Michigan Criminal Code. The previous clause concerned anyone who “made, altered, counterfeited or falsified public records”. The amendment extends this existing paragraph to “anyone who commits a violation by changing a record stored using distributed ledger technology”. In case of violation of this law, the offender faces imprisonment of up to 14 years.
So far, Michigan has no legal framework for dealing with DLT or cryptocurrencies. After all, he forbids what is hardly possible anyway. For to change a blockchain, all the nodes on which it is stored would have to make a change together. However, basically anyone can set up a node so that the likelihood of manipulation is extremely low. Nevertheless, the law appears to seek to protect one of the fundamental advantages of blockchain technology. However, in terms of cryptocurrencies, the US state does not have such an appreciative tone.
Bill Schuette, the finance minister of Michigan, even warned citizens against cryptocurrencies, as they would pose “a significant risk to real life”. I am curious to see if the change in the law, which comes into effect 90 days after its adoption, can influence these black-and-white views on cryptocurrencies.
Marko Vidrih @cryptomarks
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