Smart Legal Contracts are capable, in principle, of forming binding contracts which will be upheld under English law. This may mark the beginning of a new era! The evolution of property in contracting is becoming real! The adoption of Smart Legal Contracts and the scope of legal principles in contract under English law is evolving: a summary of the Law Commission report on Smart Contracts.
Globalization – and now the COVID-19 pandemic – created new barriers to doing business but also presented new opportunities for the increased adoption of blockchain technology. And more specifically – smart contracts.
Examining the current Regulatory Framework For Smart Contracts and opening a debate for potential improvement in the existing regulatory framework for smart contracts is the objective of this article.