Published on July 20th, 2018 | by bitcoin0
UK Legal Commission to Review ‘Competitive’ Legal Violations in Smart Contracts Era
The U.K. Law Commission will review legal frameworks to ensure that British courts remain a “competitive” choice for businesses that use smart contracts.
The Law Commission was established in 1965 with the main tasks of monitoring the laws of the U.K. and recommending reforms.
According to the Commission, smart contract protocols presage an era of trustless and more efficient business transactions that compels lawmakers to ensure that existing frameworks have the necessary flexibility and clarity to keep pace with innovation.
As a Cointelegraph expert take has outlined, smart contracts are increasingly being recognized as a major disruptive force to the legal sphere.
Matt Hancock, a Conservative Party MP, has predicted the “monumental impact” blockchain will have across “vast areas of public life,” including the legal system.