Published on July 20th, 2018 | by bitcoin0
Blackshaw is studying legal reforms in the UK to use smart contracts
The U.K. Law Commission, an independent agency set up by the U.K. parliament to propose legal reform actions, is starting a research project on law reform to bring clarity in the current system for using blockchain-based smart contracts.
The Commission believes that blockchain-powered smart contracts have the advantage of increasing trust and transaction efficiency among businesses.
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.”
The move follows a report published by the Commission in December which outlined 14 areas – including the use of smart contracts – that are set for law reform after a year-long public consultation process.
Last year, John Thomas, the top judge for England and Wales also made notable remarks at a lecture hosted by the Commission that the U.K. law may need to be updated to account for blockchain-based smart contracts.