A U.K. government initiative to digitize trade documents could pave the way for using blockchain technology to record trades with improved security, and reduce costs. camomileshumba reports
A U.K. initiative to digitize trade documents could make use of technologies that underlie crypto, the government has said., which officially became law on July 20, stands to reverse centuries-old merchant laws to allow trade documents to be stored and distributed digitally. The laws are set to take effect this autumn.
The act is technology neutral and will allow the use of blockchain technology if it meets the reliability test, a government spokesperson told CoinDesk. The Law Commission for England and Wales, the independent statutory body that drafted the bill, estimates thatare passed around annually with global shipments, because that’s the only way they can be transported.
The act’s significance “is that it allows electronic documents to be treated as legally analogous to paper if they meet certain criteria,” Law Commissioner Sarah Green told CoinDesk in an emailed statement, adding that blockchain technology happens to be one of the means by which such documents can meet those criteria.
“Electronic trade documents also increase security and compliance by making it easier to trace records – for instance, through the use of blockchain and distributed ledger technology,” a government
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
California, other states move to block 3M's $10.3 billion PFAS dealA group of 22 states and U.S. territories on Wednesday moved to block a proposed $10.3 billion settlement that would resolve claims against 3M Co over water pollution tied to “forever chemicals,” claiming the deal fails to adequately hold the company accountable.
Les mer »
Marco Rubio leads effort to block Biden move protecting Chinese EV companiesFIRST ON FOX: Sen. Marco Rubio is leading an effort to block the Department of Transportation's rules waiving certain domestic sourcing requirements for electric vehicle chargers.
Les mer »
Progressive lawmakers want to erase gendered language in legal documentsTerms such as “fireman” or “policeman” would turn into “firefighter” and “police officer,” for example.
Les mer »
Trump ally Bernard Kerik turned over documents to special counsel investigating events surrounding Jan. 6Fmr. NYC Police Commissioner Bernard Kerik turned over thousands of pages of records to special counsel Jack Smith as part of the federal investigation into efforts to stop the transfer of presidential power after the 2020 election, sources told CBS News.
Les mer »
Bidens' dog, Commander, attacked Secret Service personnel multiple times, documents showPresident Biden's dog has on numerous occasions attacked, and at times injured, Secret Service personnel, according to federal documents released this week by the Department of Homeland Security.
Les mer »
Wray gives House Judiciary FBI documents on school board memo after contempt threatThe FBI provided a slate of documents Tuesday to the House Judiciary Committee after committee Chairman Jim Jordan (R-OH) warned he would hold FBI Director Christopher Wray in contempt of Congress should he not provide materials.
Les mer »