Bitcoin, Crypto currency, Blockchain

Michigan: immutability of the Blockchain is to be law

8a4e0aa3d0da427a4394441502a0d6dd - Michigan: immutability of the Blockchain is to be law

In addition to their decentralization and transparency of the Blockchain technology, is also distinguished by their immutability. Similar to a time capsule, the registered data will remain forever. Only with extremely expensive measures, these data could be changed. Now, the U.S. has submitted to the state of a draft law that wants to make the punishment.

The Blockchain is becoming more and more popular. So you could be warned in the case of banks and financial institutions with a Budget increase of $ 1.7 billion for technology. The subsidiary of South Korea’s Messenger market leader in the cocoa, Ground X, wants to use the Blockchain for the solution of humanitarian problems. In Abu Dhabi, the first stock exchange is planning to use the Blockchain, in order to optimize transactions and increase security. The global interest of different sectors in the Blockchain with the distinguishing characteristics of explain. So it is always visible, can be monitored, neither Central nor modified afterwards. This immutability want to hold on to the state now by law.

Up to 14 years in prison

12. June the Deputy Curt presented Vander wall, a draft law providing for a Change in the criminal code of Michigan. The previous Paragraph was all, the “public records to make, alter, or fake have fake”. The Amendment expands the existing sections on those, “committing an offence, the Amendment of a record that has been saved using the Distributed Ledger technology”. In case of violation of this law is a prison sentence of up to 14 years, threatening the offender.

So far, Michigan had currencies, no legal framework for dealing with DLT or Crypto. Now he forbids after all, what is anyway hardly possible. Because to change the Blockchain, it would make all of the Nodes on which it is stored, together with a Change. However, you can set up basically any one Node, so that the probability of a Manipulation is extremely low. However, the law seems to want to be one of the basic advantages of the Blockchain technology to protect. Regarding crypto-currencies are not so appreciative tone prevails in the US state of.

Bill Schuette, the Minister of Finance of Michigan, warned of currencies, the citizens, even before Crypto, since this “would pose a significant risk in relation to real life”. We are curious whether the change in the law, which comes into force 90 days after its adoption, it can have currencies to have an impact on this black-and-picturesque views on Crypto.

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