UK Government Embraces Blockchain Technology

The UK Law Commission is exploring blockchain technology and smart contracts to enhance British law. The intent is to modernize it and maintain relevance to the exponentially growing technology.
The Commission’s 52nd annual report released the proposed information. Using blockchain technology they aim to implement a proactive legal framework for smart contracts.
The information about that was revealed in the Commission’s 52nd annual report that covers a period between April the 1st and March the 31st. With blockchain technology they will be creating an effective legal framework for smart contracts
The UK Law Commission is set to the vanguard in utilizing distributed ledger technology (DLT) across the globe.
The commission made a statement about exploring smart contracts:
“The use of smart contracts to execute legal contracts is expected to increase efficiency in business transactions and it is suggested that the use of blockchain technology will increase trust and certainty. It is important to ensure that English courts and law remain a competitive choice for business. Therefore, there is a compelling case for a Law Commission scoping study to review the current English legal framework as it applies to smart contracts.”
The project will attempt to be adaptable so that the law can be applicable to a global and digital market. This will hopefully give transparency and assurance to the environment.
This news comes with the UK government’s plan to market a Global Britain in legal services. If Britain full embraces the nascent technology, they can become the global hub for blockchain technology. Kay Swinburne, a member of the European Parliament for Wales, made a statement suggesting that London could maintain relevance in the technological sector by supporting DLT. She goes on with:
“For me, this whole distributed ledger technology, we have to embrace it. The UK post-Brexit: how does the City of London stay relevant? The City of London stays relevant by suddenly becoming the proponents of the new technologies and not just patching existing systems to make them work post-Brexit, actually leapfrogging.”