DUKE LONG: New Delaware Law A Major Breakthrough For Blockchain In The U.S.
You may not have noticed but on July 2, Delaware Senate Bill 69 was signed into law by Gov. John C. Carney Jr.
In general terms, it was considered a major breakthrough and a defining moment for blockchain, specifically in the U.S.
It will allow the creation and maintenance of corporate records using blockchain. The definition would further capture a corporation’s stock ledger, an accounting record used to keep track of when stocks were sold and to whom.
The emphasis in bold is mine. Please reread and let it soak in.
Directly taken from Delaware Senate Bill 69:
Any records administered by or on behalf of the corporation in the regular course of its business, including its stock ledger, books of account and minute books, may be kept on, or by means of, or be in the form of, any information storage device, method, or one or more electronic networks or databases (including one or more distributed electronic networks or databases), provided that the records so kept can be converted into clearly legible paper form within a reasonable time.
We are all in commercial real estate.
What’s the first thing that comes to your mind when you read the words, “used to keep track of when stocks were sold and to whom”?
I thought of REITs.
Why?
Now any and all REITs around the world will have the option of issuing, executing and settling shares via a blockchain. It is also likely to create other related activities on blockchains tied to custodianship, trading, shareholder communication and redemption.
What else is going to happen?
