The U.K. Law Commission will review legal frameworks to ensure that British courts remain a “competitive” choice for businesses that use smart contracts.
The Law Commission was established in 1965 with the main tasks of monitoring the laws of the U.K. and recommending reforms.
According to the Commission, smart contract protocols presage an era of trustless and more efficient business transactions that compels lawmakers to ensure that existing frameworks have the necessary flexibility and clarity to keep pace with innovation.
As a Cointelegraph expert take has outlined, smart contracts are increasingly being recognized as a major disruptive force to the legal sphere.
Matt Hancock, a Conservative Party MP, has predicted the “monumental impact” blockchain will have across “vast areas of public life,” including the legal system.
UK Law Commission Explores Possibilities of Legal Reforms for Smart Contracts In accordance to the Law Commissions Act 1965 section 3(3), the UK Law Commission presented its detailed annual report for the period 1 April 2017 to 31 March 2018.
The U.K. Law Commission will review legal frameworks to ensure that British courts remain a “competitive” choice for businesses in an era of blockchain smart contracts
The U. K. Law Commission, an independent agency set up by the U. K. parliament to propose legal reform actions, is starting a research project on law reform to bring clarity in the current system for using blockchain-based smart contracts.
New York’s Bapple Realty, a boutique brokerage in Manhattan’s SoHo neighbourhood, has announced that it has managed to use blockchain-based smart contracts to split back office earned commissions on deals.
New York realtors looking to avoid hiccups in their commission payouts can now turn to blockchain-based smart contracts. The first real estate commission split was brokered earlier this summer in Manhattan’s ritzy SoHo neighborhood by New York-based Bapple Realty.
Internet-of-Things crypto platform IOTA has just announced that the EU Commission has given the green light to a smart city initiative, which will have IOTA involved. The smart city consortium called +CityxChange is a project to be hosted and led by the Norwegian University of Science and Technology (NTNU) and to be funded by the […]
Consortium Project Involving IOTA Wins EU Commission Approval to Roll Out Smart Tech in Several European Cities was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
IOTA is apparently a project that’s designed to make a big impact on the smart city concept. Thanks to its focus on distributed ledgers and its unique Tangle technology, it seems IOTA has received the backing of the European Commission.
