Michigan State introduced two bills on June 12, declaring altering blockchain a crime. According to the House Bills 6257 and 6258; a person who alters blockchain records can be punishable by imprisonment for not more than 14 years.
Also bills update the definitions of distributed ledger technology and cryptocurrency.
They define Cryptocurrency as “a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, and that operates independently of a central bank”
However, blockchain means a digital record to record and track transactions across multiple computers ensuring that this public ledger cannot be altered without altering all previous blocks and collapsing the whole network.
New introduced bills are aimed to potential criminals who are able to gather an extremely large amount of processing power in order to change every single occurrence of an ever growing blockchain instantly.
By Nadya Astam