The Michigan state legislature is looking for ways to impose the maximum imprisonment for those willfully modifying the blockchain data and causing an injury or defraud another person.
To this effect, the state is introducing two bills to make a modification of the data on blockchain as a crime. It has introduced two House Bills 6258 and 6257 on June 12, 2018, on Legiscan, the US legislative tracking service.
The House Bill 6257 Proposes Imprisonment of up to 14 Years
According to the introduced House Bill 6257, any person, who willfully forges, or alters the data on blockchain falsely or counterfeits the public record will be imprisoned up to 14 years.
The House Bill 6258 Proposes Addition of DLT in the Existing State Penal Code
The House Bill 6258 is aimed to amend the existing penal code in the Michigan State to include cryptocurrency and the distributed ledger technology (DLT). The new bill states that cryptocurrency is a digital currency with necessary encryption mechanism to regulate the production of currency as well as ensures verification of the funds’ transfer.
Both the bills have been referred to the Law and Justice Committee.
The digitized data provided by the blockchain cannot be changed. It resides on a chain of computers and that each user has a copy of the blockchain making it impossible to modify the data. No one can make a fake copy of the ledger.
IBM (NYSE:IBM) Blockchain Blog Says Signatures Becomes Invalid if The Blockchain Record is Altered
If anyone on the network tries to alter the record of the blockchain, its signature becomes invalid and a notification is sent to the participants immediately. Therefore, blockchain is not prone to a single instance of vulnerability and can’t be changed with the help of a single computer. Even to access an instance of the data, the users need large volumes of the computing power.
Tennessee Recognizes Smart Contracts and Blockchain for Electronic Transactions
The Tennessee Government has enacted a law on March 22, 2018, permitting the use of smart contracts and blockchain for electronic transactions. The new bill also safeguards the ownership rights of the blockchain secured information.