(1) As used in this section:
(a) "Blockchain" means the same as that term is defined in Section 78B-3-112.
(b) "Reversible blockchain" means the same as that term is defined in Section 78B-3-112.
(c) "Sheriff node" means a computer that:
(i) is connected to a reversible blockchain;
(ii) is administered by the Office of the Attorney General; and
(iii) allows the Office of the Attorney General to reverse a mistaken or fraudulent transaction upon receipt of:
(A) a court order issued under Section 78B-3-112; or
(B) an award issued in a valid and binding arbitration.
(d) "Transaction" means the same as that term is defined in Section 78B-3-112.
(2)
(a) There is created a program known as the "Sheriff Node Program" within the Office of the Attorney General to operate a sheriff node on a reversible blockchain.
(b) The attorney general shall administer the program with funds available for this purpose.
(3) The attorney general shall operate the program only to reverse a transaction on a reversible blockchain upon receipt of:
(a) a court order issued under Section 78B-3-112; or
(b) an award issued in a valid and binding arbitration.
(4) The attorney general may make rules in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, to carry out the program, including to:
(a) establish the number of reversible blockchains for which the attorney general may administer a sheriff node;
(b) charge and assess fees and costs for the operation of a sheriff node on a reversible blockchain;
(c) establish criteria for determining the validity of an arbitration award; and
(d) establish other rules reasonably necessary to efficiently carry out the sheriff node program.