Chief Justice of England: Must consider updating the law and incorporating the smart contract

nnnIn the last month’s lecture, Lord Thomas said that the UK should take into account the work of the European Commission, consider legislative reforms, incorporate smart contracts and block chains into new regulations, and use these new technologies To explain. In fact, in addition to the EU, some states in the United States have taken relevant legislative action, and this trend is spreading.n
nnTranslated by: Inan
nLord Thomas and Wales Chief Justice Lord Thomas is essentially the highest rank judge in the UK, and he believes that British law may need to be renewed to incorporate block chain intelligence contracts into it.n
nAt the end of last month, Lord Thomas delivered a speech at a semester held by the British Law Commission every six months, an independent body that oversees British law development and proposed reform proposals to the government.n
nLord’s opinion: His speech focused on the 21st century’s legal reform, advocating action to keep British law up-to-date with the development of digital economy.n
nIn his conversation, Lord Thomas evaluated the efforts of the European Commission (the executive branch of the European Union) to harmonize its rules and the increasingly digital economy. He highlighted the agency’s work on digital money and block chains, suggesting that the UK should set a similar agenda.n
nHe told the participants:n
nn”Obviously, the European Commission believes that legislative reforms are needed to deal with new forms of contracts, such as block chains and smart contracts, and there is no doubt that we must also consider whether our laws require similar legislative updates.”n
nnWhy important: Over the past year, smart contracts and block chain signatures have been somewhat embodied in some laws. This situation has recently been particularly prominent in Arizona and Vermont.n
nRecently, Delaware has established legislation to recognize the business records on distributed books.n
nIn his speech, Lord Thomas specifically mentioned whether or not to put such a process in the context of judicial considerations, whether to “develop the law in the traditional way” in the context of the digital age.n
nAlthough he did not actively promote the change of British law to explain the technology, but in view of its status, he is to take such action recognition is of great significance.n

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