Smart contracts within the circularity context: the legal aspects
The smart contracts legal team is work ing on producing a report which involves an exploration of the multitude of legal issues that are being and will be encountered during the course of the project.
Apart from introductory matters, the document will examine broader definitional issues such as what is a smart contract - in the context of the blockchain (centralised or decentralised). Pertinent legal questions pertaining to the formation of smart contracts, the interpretation of smart contracts and what remedies will be applicable in the even t of breach will be asked and solutions proposed. Alternative dispute resolution (ADR) options will be discussed in light of the smart contract realm. This discussion will involve investigation of the applicability of ADR methods in the traditional sense a s well as a close examination of the contemporary and germane digital dispute resolutions recently advocated, including the feasibility of AI as an embedded and automatically triggered dispute resolution mechanism. Of course, any jurisdictional matters whi ch may be of relevance to the project will be canvassed.
Our document will also cover bespoke legal issues, understood within the backdrop of applicable legislation, particular legal questions that arise with the smart contract - to - consumer dynamic as we ll as the business - to - business (supplier) smart contract rapport. Legislation will have to be applied in light of dynamic policy document suggestions that are emanating from government and other authoritative organisational structures.
These pertinent a nd highly topical legal questions will be explored within the framework of their relevance to the Riversimple project. Which in turn will have to be considered in light of the requirements of Riversimple’s transactional needs. Not least of all will be the sensitivity to risk factor considerations.
The smart contracting studies will be understood and examined within the context of the circular economy. Their interpretation falling under the influence of government policy considerations especially within t he framework of the UK approach to transposition of the 2020 CEP measures.
