Terms used in this chapter mean: (1)"Agreement," the bargain of the parties in fact, as found in their language or inferred6 from other circumstances and from rules and procedures given the effect of7 agreements under laws otherwise applicable to a particular transaction; (2)"Automated transaction," a transaction conducted or performed, in whole or in part, by electronic means or electronic records, in which the acts or records of one or both10 parties are not reviewed by an individual in the ordinary course in forming a contract, performing under an existing contract, or fulfilling an obligation required by the12 transaction; (3)"Blockchain technology," technology that uses a distributed, shared, and replicated ledger, either public or private, with or without permission, or driven with or without 100 copies were printed on recycled paper by the South DakotaLegislative Research Council at a cost of $.167 per page.v Insertions into existing statutes are indicated by underscores.Deletions from existing statutes are indicated by overstrikes. - 2 -HB 1196 tokenized crypto economics where the data on the ledger is protected with cryptography and is immutable and auditable; (4)"Computer program," a set of statements or instructions to be used directly or3 indirectly in an information processing system in order to bring about a certain result; (4)(5)"Contract," the total legal obligation resulting from the parties' agreement as affected5 by this chapter and other applicable law; (5)(6)"Electronic," any technology, including blockchain technology, using electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities; (6)(7)"Electronic agent," a computer program or an electronic or other automated means9 used independently to initiate an action or respond to electronic records or10 performances in whole or in part, without review or action by an individual; (7)(8)"Electronic record," a record created, generated, sent, communicated, received, or12 stored by electronic means. The term includes a record that is secured through blockchain technology; (8)(9)"Electronic signature," an electronic sound, symbol, or process attached to or15 logically associated with a record and executed or adopted by a person with the intent16 to sign the record. The term includes a signature that is secured through blockchain technology; (9)(10)"Governmental agency," an executive, legislative, or judicial agency, department, board, commission, authority, institution, or instrumentality of the20 federal government or of a state or of a county, municipality, or other political21 subdivision of a state; (10)(11)"Information," data, text, images, sounds, codes, computer programs, software, databases, or the like;24 - 3 -HB 1196 (11)(12)"Information processing system," an electronic system for creating, generating, sending, receiving, storing, displaying, or processing information; (12)(13)"Person," an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, governmental agency, public corporation, or any other legal or commercial entity; (13)(14)"Record," information that is inscribed on a tangible medium or that is stored6 in an electronic or other medium and is retrievable in perceivable form; (14)(15)"Security procedure," a procedure employed for the purpose of verifying that8 an electronic signature, record, or performance is that of a specific person or9 for detecting changes or errors in the information in an electronic record. The10 term includes a procedure that requires the use of algorithms or other codes, identifying words or numbers, encryption, or callback or other12 acknowledgment procedures; (15)(16)"State," a state of the United States, the District of Columbia, Puerto Rico, the14 United States Virgin Islands, or any territory or insular possession subject to15 the jurisdiction of the United States. The term includes an Indian tribe or band, or Alaskan native village, which is recognized by federal law or formally17 acknowledged by a state; (16)(17)"Transaction," an action or set of actions occurring between two or more19 persons relating to the conduct of business, commercial, or governmental20 affairs.21