(1) As used in this section: “Blockchain distributed ledger technology” means technology that uses a distributed, decentralized, shared, and replicated ledger that is: Either: Public; or
(2) Private;
(3) Either: Permissioned; or
(4) Permissionless; and
(5) Contains data that is: Securely protected with cryptography;
(6) Immutable;
(7) Auditable; and
(8) Provides an uncensored truth;
(9) “Blockchain technology” means a shared, immutable ledger that facilitates the process of recording one (1) or more transactions and tracking one (1) or more tangible or intangible assets in a business network; and
(10) “Smart contract” means: Business logic that runs on a blockchain; or
(11) A software program that stores rules on a shared and replicated ledger and uses the stored rules for: Negotiating the terms of a contract;
(12) Automatically verifying the contract; and
(13) Executing the terms of a contract.
(14) A signature that is secured through blockchain technology shall be considered to be in electronic form and an electronic signature.
(15) A record or contract that is secured through blockchain technology shall be considered to be in electronic form and an electronic record.
(16) A smart contract shall be considered a commercial contract.
(17) A contract that contains a smart contract term and relates to a transaction shall not be denied legal effect, validity, or enforceability.