Bitcoin, Crypto currency, Blockchain

Smart Contracts in the game – UK’s Law Commission

The UK Legal Commission has identified in its annual report on Smart Contracts as a research area in which your Department in develop.

Smart Contracts can enforce laws

The Law Commission deals with a lot of influence of laws relating to pension Fund, social investment and misconduct in public office Social. To write laws and to not edit the Blockchain technology in question. Other related topics, such as the protection of official data and the fight against money laundering, to include currencies in the future, but, probably, Blockchain technology and Crypto.

Report of the Law Commission

Each year, the Law Commission published in the United Kingdom, a report on its work during the past year. This year’s annual report covers the period from the 1. April 2017 to 31. March 2018. The group was established under the Law Commissions Act 1965, with the power to revise the law under the following conditions:

The food safety Department of the United Kingdom has just completed a test run of the Blockchain technology, in order to increase the responsibility and traceability in the food chain from the farm to the customer.

Smart Contracts for customers

The report contains in particular a section on Smart Contracts, “the technology, which runs on the Blockchain, and it allows for that legal contracts are executed automatically.” The report, however, focuses on the financial aspect, such as laws, the economy in a country can affect.

“It is important to ensure that English courts and laws for a company to remain a competitive choice. Therefore, it is convincing that a Scoping study of the legislature reviewed the current legal framework for Smart Contracts.“

Cryptocurrency / Blockchain-Adaptation

As more and more countries are working exclusively digital, is to increase the over the Internet, remote generated amount of money. These companies have a choice of the country in which they operate, and can choose from the best laws.

“With this project, is to ensure that the law is sufficiently secure and flexible in order to be in a global, digital context applied to issues, where clarity and safety is lacking.”

Highlighting Malta

Malta is a perfect example of this. The tiny island-Nation has become a hub for the Blockchain technology and crypto-currency, by adopting favorable laws for the industry. This will bring in the coming years, probably millions of dollars into the local economy. Binance recently moved there.

Malta University even offers a Blockchain-completion, growing the possibilities of the Blockchain-to cover training.

Look also card payments get new competitors – it Is still old technology? or Monaco shall designate in in order to.

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