Smart Contracts

Smart Contracts: The UK Takes Things A Step Further

The UK’s Review

As highlighted last week, the UK has been keeping a low profile in terms of Cryptocurrencies. However, there has certainly been a lot going on in the background. The island is already being tipped to become one of the world leaders in Blockchain and Cryptocurrency.

As we speak, British law is being reviewed and upgraded to incorporate smart contracts and make sure the country evolves with the new digital economy.

The UK Law Commission is all over the new generation and is working hard to bring the UK in line with the latest in technology. The new legal framework is a vital part of the country’s development and was an important element of the UK Law Commission’s 13th Law Reform Program. There are several reforms listed in the report which have already been approved by the Lord Chancellor. These include smart contracts, automated vehicles and surrogacy.

Ministry of Justice

A Global Britain

The Ministry of Justice in the UK used the Law Commission Act of 2009 to drive these new projects forward. Developing the regulations behind smart contracts became really important especially with the UK investing so much money in Cryptocurrencies. Their knowledge on the industry is second to none and constantly evolving. Not only was it important for the country to understand smart contracts but to also regulate them to protect the industry in the country. The UK is also keen to “promote Global Britain in the field of legal services” and is doing everything it can to ensure this happens. There wasn’t a huge timeframe for the project to start and finish with the research work being completed between the spring and summer of 2018. However with everyone on board in the UK, the short time allocation will certainly not prove problematic.

This latest news was shared within the UK Law Commission’s Annual Report running from the financial year covering 1 April 2017 to 31 March 2018. The review takes a very close look at the current laws in place and assesses whether or not they cover the inclusion and regulation of smart contracts. If there are any grey areas or elements that are not covered then these will be addressed and the issues rectified.

The UK Law Commission has been very clear and defined exactly what smart contract are. This is something which a lot of countries are still struggling with. The UK can certainly see the benefits of the latest technology and fully expects Blockchain technology to be able to provide improved efficiency in business in the legal industry. There is also the draw that Blockchain technology will be able to offer a heightened amount of trust.

In The Future

The UK certainly is well ahead of the game and continues to show others how to keep up with the latest digital economy. If the reforms do come off – and there is absolutely no reason for them not to – then the UK will become one of a very limited amount of countries that does actually recognise smart contracts and their worth. This follows on from the fact that the country already has a Cryptoassets Taskforce in place. Watch this space!!

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