Sec. 2. Definitions
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In this Act: Except as otherwise expressly provided, the term Director means the Director of the Office of Science and Technology Policy. The term distributed ledger means a ledger that— is shared across a set of distributed nodes, which are devices or processes, that participate in a network and store a complete or partial replica of the ledger; is synchronized between the nodes; has data appended to it by following the ledger’s specified consensus mechanism; may be accessible to anyone (public) or restricted to a subset of participants (private); and may require participants to have authorization to perform certain actions (permissioned) or require no authorization (permissionless).
The term distributed ledger technology means technology that enables the operation and use of distributed ledgers. The term institution of higher education has the meaning given the term in section 101 of the Higher Education Act of 1965 ( 20 U.S.C. 1001 ). The term relevant congressional committees means— the Committee on Commerce, Science, and Transportation of the Senate; and the Committee on Science, Space, and Technology of the House of Representatives. The term smart contract means a computer program stored in a distributed ledger system that is executed when certain predefined conditions are satisfied and wherein the outcome of any execution of the program may be recorded on the distributed ledger.
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