United Kingdom studies smart contracts for legislative sector
The independent Commission of England and Wales analyzes the potential of smart contracts and blockchain technology
The potential of blockchain technology and smart contracts in legislative and legal sectors are discussed in the United Kingdom since 2017. The authorities seek to integrate both tools into current law system to provide security, transparency and confidence.
There are still issues that generate concern such as data protection law, null contracts, standards that apply to industry in general and in the financial sector.
However, the Commission of England and Wales, an independent body that can suggest law reforms, is committed to the adoption of decentralized technology and smart contracts in the legislative framework.
It is important to highlight what smart contracts are and what they are for. These are virtual documents that are executed automatically once the parties have agreed to the terms.
These are softwares that, like any other, are programmed to run according to previously encoded instructions.
M.Pino
Source: Coincrispy
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