The UK has Started Research on Law Reform for Using Blockchain Smart Contracts

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U.K Law Commission has launched a research project investigating reform which would bring legal clarity for the use of blockchain-based smart contracts.

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.

It included:

“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.”

Nishanth Shetty

Nishanth Shetty is a technical writer, author and a crypto-advisor working at Cryptofame. Based in the city of dreams, Mumbai, on the west coast of India. He holds a bachelors degrees from Mangalore University. Nishanth has a myriad experience of technical writings for tech brands. His interests include technology, travel, and food.