“Technology underpins innovation in legal services and plays a critical role in driving the postcoronavirus recovery across all sectors of the economy. The report of the TLA’s Blockchain Legal and Regulatory Group will provide a clear framework and much needed guidance on the use of blockchain in the legal services sector. It is most welcome and relevant.” Simon Davis, President of The Law Society.
The purpose of this Guidance is to set out suggested best practice for legal practitioners working on transactions involving Smart Legal Contracts and solutions to anticipated problems. In particular, the Guidance sets out some key issues for legal practitioners to be aware of when advising on DLT-related matters such as commercial applications, smart contracts, data governance, blockchain consortia, data protection and security, intellectual property, dispute resolution and cryptoassets. The Guidance also identifies some areas in which further guidance is required from regulatory authorities or other bodies.
Assisting contributors Wendy Saunders, Thomas Gooch and Elina Kyselchuk.