UK conducts study on the use of smart contracts

The intelligent contracts are valued by their precision, their transparency, their speed, security, confidence and efficiency. However, global adoption is hindered by legal uncertainty. The UK's Legal Commission seems to be addressing the issue by conducting a research project on the contribution of smart contracts based on the Blockchain.This should bring legal clarity to the market.

Law Commission Reiterates Smart Contracts Conviction

The research efforts of the UK Legal Commission aim to "ensure that the law is sufficiently certain and flexible to apply in a global digital context and to highlight issues that are unclear or uncertain" announced the agency.

The Commission believes that smart contracts can increase trust and certainty while maximizing the efficiency of corporate transactions . On the other hand, the UK legal system has a strong interest in looking at new technologies to provide better services.

The potential of smart contracts has been highlighted by the institution in a recent document:

"It is important to ensure that the English courts and the law remain a competitive choice for businesses. As a result, there is a compelling case for a scoping study by the Law Commission to examine the current English legal framework as it applies to smart contracts. "

Regulate the industry

A report of December 2017 reveals English regulation efforts resulting from smart contracts.

"There remain questions about how this feature (intelligent contract) would interact with contract law concepts such as implied terms or contracts that are considered to have been canceled from the outset. There are also questions about the law on data protection, "reads the document.

John Thomas, a supreme judge in England and Wales also said at a conference last year that UK law may have to consider smart contracts.

Smart contracts have remained unregulated until then. Nevertheless, the current law requires that transactions be made on paper in state offices. Specifically, the new regulatory framework is expected to bring a wider variety of uses for emerging technology.

What do you think of the study on law reform for the use of smart contracts? React in the comments below.

 

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Posted from my blog with SteemPress : https://infos.link/uk-conducts-study-on-the-use-of-smart-contracts/

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