Hunit is part of the UK Ministry of Justice’s LawtechUK Sandbox programme and says that the document has been made possible by the support of Hunit’s LawtechUK advisory panel, the LawtechUK Regulatory Response Unit and the Solicitors Regulation Authority (SRA).
The publication includes three sections which progress from the principles of compliant smart legal contract technology use through to a detailed use case including the text of an example smart legal contract.
It includes a whitepaper addressing the compliant use of smart legal contract technology across five key areas, and a regulatory review undertaken with the Solicitors Regulation Authority to provide additional clarity to legal practitioners.
Aaron Powers, Hunit’s CEO and lead author, said: “Today’s report showcases the power smart legal contracts have to lead the evolution of our legal system. Hunit is pleased to have the opportunity to join forces with LawtechUK and our panel of advisors to bring forward a nuts-and-bolts analysis of how smart legal contracts fit into today’s legal services sector.
“Our publication has shown that smart legal contracts can be used compatibly with our current legal and regulatory framework and that they’re ready to deliver transformative benefits today.
“We hope this report highlights to solicitors, judges, policymakers, and enterprises that we are at the dawn of the era in which contracts no longer serve as static records of legal agreements but are active participants in the fulfilment of them.”
Hunit says that this is a world first analysis of the use of smart legal contracts, although any claim to a world first inevitably requires further interrogation. It is certainly likely to be the most substantive analysis and its emphasis on the practical use of smart contracts stands it apart from reports by law firms such as Norton Rose Fulbright, which contributed to the Law Commission’s working group and has fairly extensively considered the legal ramifications of smart contracts.
You can download the report here: https://lawtechuk.io/explore/hunit_lawtechuk_smart_legal_contracts_2022_03_28