UK Begins Research on Law Reform for Use of Blockchain Smart Contracts

UK Begins Research on Law Reform for Use of Blockchain Smart Contracts

Blockchain smart contracts have built in a system of trust and certainty. However, not many reforms have been put forward to ensure it can help a country with their day to day problems. The United Kingdom (UK) has launched a research project with the help of the Law Commision which will help bring a better clarity for blockchain smart contracts.

Smart contracts help in exchanging money, property, shares or anything of value by means of eliminating the middleman.

The UK’s Law Commission launched a paper which highlights research on blockchain smart contracts which according to the agency is 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 believes that smart contracts will help in creating a system of trust, certainty, and efficiency for businesses. Thus the paper specifies-“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.”

It is not the first time the Law Commision of the United Kingdom has released a report about smart contracts. Back in 2017, it published a report of 14 areas which needed reform, of which one was smart contracts.

Many countries such as the municipality of the capital of Saudi Arabia, Riyadh has also decided to implement blockchain technology for its government services and transactions. It has already started focusing on creating smart contracts and Dapps with the help of electronics giant IBM. Saudi Arabia wants to achieve a digital environment for the country which is its Vision 2030 objectives.

It cannot be denied that blockchain is a significant part of the future of the world.

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