Smart Contracts

Law Commission for England and Wales Smart Contracts Ready

Law Commission for England and Wales says the current framework can support smart contracts.

Having gone out to the market at the end of 2020 to seek views on the use of smart contracts, The Law Commission yesterday (25 November) confirmed that the existing law of England and Wales is able to accommodate and apply to smart legal contracts, without the need for statutory law reform.
Smart contracts self-execute upon predetermined events and typically run on a decentralised network such as a blockchain.

Track the progress and read the full Legal IT Insider article here.

Also catch up with the previous Australian news regarding blockchain and cryptocurrency here.

Also read top viewed Ai Legal article: The Role of AI in Legal Research.

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