The report says that the organization has already carried out initial research on the topic and a formal project is due to start in the summer.
The agency said:
“To ensure that the law is sufficiently certain and flexible to apply in a global, digital context and to highlight any topics which lack clarity or certainty.”
The Law Commission thinks that smart contracts have the benefit of building “trust and certainty” and boost transaction efficiency among businesses. So, the current legal system should change to the nascent technology to make the U.K. attractive for enterprises.
“There is a serious intention to take forward reform in this area. It is important to ensure that English courts and law remain a competitive choice for business. Therefore, there is a compelling case for a Law Commission scoping study to review the current English legal framework as it applies to smart contracts.”