Delaware has passed a bill that recognizes into law the trading of stocks on the blockchain technology.

What this means is that the middlemen between sellers and buyers of stock would be eliminated, therefore, providing faster and cheaper processing of settlement times.

Blockchain technology such as Veritaseum can benefit from this new law. Veritaseum is a software-driven P2P capital market without brokerages, banks or traditional exchanges.

According to Senate Bill 69, it 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.

By the end of July 2017, the bill will be signed into law by John Carney, the governor of Delaware.