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The UK Law Commission, an independent body, created by the British Parliament, announced on Thursday that it was studying reforms in blockchain smart contracts, with the aim of providing a legal clarity.
According to the statement, the independent agency conducted an initial research on the laws surrounding smart contracts and concluded that a more in-depth project was needed. It aims to ensure that the law is flexible enough to apply in a global digital context and to identify areas that need to be improved.
Time to buy the dip
A smart contract is a computer protocol designed to allow the application of a transaction by verifying and enforcing trading or execution of a contract. Through smart contracts, credible transactions can be implemented without the need of a third party.
Making the UK attractive to businesses
According to the report, the Law Commission sees the value of smart contracts and believes that they have the advantage of increasing "trust and certainty And increase the efficiency of transactions between companies. Therefore, the agency believes that British laws should be relevant to the current ecosystem and make Britain attractive to businesses
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At the time, the commission stated: "There are questions about how this feature (intelligent contract) would interact with contract law concepts such as implied terms or contracts that are considered "
In December, the British commission also added that the search process could last from 9 to 18 months.
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