UK Jurisdiction Taskforce chairman Sir Geoffrey Vos who is also the UK’s high court chancellor has explained that the statement tries to clarify some of these supposedly obscure legal terms and tries to explain them as much as possible, without diluting its essence.
The statement also describes smart contracts as a very secure and efficient way to implement and enforce a contract between two or more sides. It further says:
“This could revolutionize agreements, from mortgages and medical research to property ownership, as smart contracts automatically execute transactions and remove the need for a middle man.”
The new development is also interesting because just weeks ago, the UK’s tax and customs authority officially declared that cryptocurrency should not be regarded as money.