The Lawmaking Commission in the UK is in currently the procedure of implementing the smart contracts into British regulation. The effort is a part of an ongoing attempt to replace current British regulation to make it applicable to the demanding situations of modern technology. The recent boom in crypto technology is seen to have convinced the law-making unit to bolster this new move.
The report defines ‘smart contracts’ as any technology founded in Blockchain technology which provides a channel for partial or fully realized legal contracts.
Under the report, fourteen different areas are being approved for law-related research. Examples include surrogacy, residential leaseholds, automated vehicles and smart contracts.
The idea of updating the existing legal groundwork to accommodate smart contracts, borne from a suggestion by the Ministry of Justice. According to the report, the purpose behind this new legislative procedure is to encourage a more globalized and modern Britain with updated legal systems. According to the report, the initial framework for this project commenced in the Spring of this year.
This development was brought to light in the 52nd annual report of the Law Commission, which covers developments occurring between the 1st of April 2017 and the 31st of March 2018. This was the period under which crypto technology and blockchain technology, both have seen to have risen to significance in the public sphere.
“The use of smart contracts to execute legal contracts is expected to increase efficiency in business transactions and it is suggested that the use of blockchain technology will increase trust and certainty.” the report states, explaining the importance of integrating this new legal form into the British Law. “It is important to ensure that English courts and law remain a competitive choice for business.”
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