Delaware is Drafting Law That Would Recognize Blockchain Records

Delaware is inching closer to using blockchain as a means to create and manage corporate records.

AccessTimeIconMar 15, 2017 at 9:00 p.m. UTC
Updated Sep 11, 2021 at 1:09 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Delaware is inching closer to using blockchain as a means to create and manage corporate records.

Though the process is in the early stages, a group within the Delaware State Bar Association's Corporation Law Section has released a proposed piece of legislation that would establish a legal basis for using the technology for this purpose. Specifically, it would amend the state's General Corporation Law to account for blockchain use.

The move comes less than a year after Delaware's government, led by the now-former Delaware Governor Jack Markell, unveiled a new project focused on blockchain applications for corporate record-keeping.

The Delaware Blockchain Initiative is backed in part by smart contract startup Symbiont, and those involved have eyed 2017 as the year in which Delaware-based firms may begin to use the tech to retain corporate records.

The proposed bill states:

"Amendments to Sections 219, 224 and 232 and related provisions are intended to provide specific statutory authority for Delaware corporations to use networks of electronic databases (examples of which are described currently as 'distributed ledgers' or a 'blockchain') for the creation and maintenance of corporate records, including the corporation’s stock ledger."

The proposed legislation isn’t a done deal, however.

According to law firm Richards, Layton and Finger, which published details of the proposal, the bill is subject to further approval by the Corporation Law Section. Then, it would need to be formally introduced in the Delaware General Assembly (the state's legislature), where it could potentially undergo further changes. But if passed in largely existing form, the new rules would come into affect in August of this year.

That the state would move to experiment with the tech in the area of corporate record-keeping is perhaps unsurprising.

Delaware is a popular site for companies to base their headquarters, accounting for more than half of all Fortune 500 companies according to the state's Economic Development Office.

Image via Shutterstock

This article has been updated.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.