The committee set up by the British Parliament talks of increasing ‘media coverage’ in relation to the subject of smart contracts, particularly in financial services at a global level.
So they decided to update the legal system to remain competitive and in favour of companies.
“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.”
Interest towards smart contracts is expected to increase significantly and this technology will not only positively affect confidence in transactions and security, but above all improve the effectiveness of the entire corporate system.
“Smart contracts” are based on blockchain technology and allow transactions to be carried out automatically. Thanks to which there is no need for a mediator and their advantage is traceability and irreversibility.
The UK Law Commission has already started to look into this in more detail and the project is due to start this summer.
On 14 December 2017, the commission published its programme of reforms to be carried out, divided into 14 areas, and smart contracts were one of them.
The smart contract project aims to improve the UK’s competitiveness and improve the operation of the law for both citizens and businesses.
“We want to help tackle injustices by making the law simpler, clearer and fit for the future. We will also be making sure the law supports cutting-edge technical innovation such as automated vehicles and smart contracts” said the head of the commission.