New Michigan Costs Forbids Modifying of Blockchain Data
A bill presented to your house of agents in Michigan expressly prohibits modification of blockchain information for “deceptive” purposes.A new expense presented in the Michigan house of representatives intends to ban any” false”modifying of data in a blockchain.” An individual who wrongly makes, alters, forges,
or fakes a public record, or a certificate, return, or attestation of a clerk of court […] or other home with intent to injure or defraud another individual is guilty of a felony punishable by jail time for not more than 14 years, “the expense reads.This is, undoubtedly, currently part of the law.
What’s different this time, nevertheless, is subsection 3 of this particular section of the law, which specifies:”This area uses to an individual that accomplishes an infraction of subsection( 1)by modifying a record made utilizing dispersed ledger technology.”The costs likewise makes it clear that “distributed ledger technology” also describes “blockchain” and any other sort of distributed or decentralized ledger that is”public or personal, permissioned or permissionless, and that might include using electronic currencies or electronic tokens as a medium of electronic exchange,” in subsection 5. This is among the first examples of a state
government trying to deal with prospective criminal offenses in a brand-new technology. There are some issues that might make this law inefficient.First of all, while we do have examples of 51 %attacks customizing information on a blockchain–Zencash comes to mind— it’s extraordinarily hard to do such a thing in the very first location with big, recognized cryptocurrencies like Bitcoin.But let’s think of
a situation in which Bitcoin does suffer such an attack. After all, more than three- quarters of the cryptocurrency’s hash power is run through Chinese mining pools, so it would not be entirely impossible.If this occurs, Michigan would have difficulty identifying territorial jurisdiction versus the perpetrators.Even if the Bitcoin blockchain first began in Michigan, it would eventually be geographically distributed. The only way this law might be enforced is if one might show beyond any shadow of a doubt that a minimum of one of the criminals lives in the state.Now, for such a law to have more reach, other authorities worldwide will have to enact something similar. Possibly such a conversation might be a very first action towards international standardization of blockchain-related criminal law. Read full story on Cryptovest Tags: Information, Michigan, Blockchain