Smart contracts

[Anonymous No.14416727]

From businesstimes.sg

[Anonymous No.14416754]

nah

[Anonymous No.14416773]

UP-TO-DATE laws for Singapore's digital economy may include the use of blockchain and smart contracts.

Property deals and other paper contracts could also go fully digital, in a set of planned tweaks to the law, according to Minister for Communications and Information S. Iswaran.
As digitalisation changes how businesses and consumers deal with one another, "we need to ensure that we have progressive legislation and regulations to foster business innovation and a trusted environment for these transactions", he saidon Thursday.

To that end, the Infocomm Media Development Authority (IMDA) has launched a consultation on the Electronic Transactions Act (ETA), with a 39-page paper seeking public views.

Real estate transactions and trade bills of lading could be removed from the list of documents that the Act says must be done in hard copy.

"By digitalising property transactions, businesses and citizens will enjoy shorter transaction periods and spend less time on paperwork and queuing up," said Mr Iswaran.

Singapore is also looking at a legal framework to support electronic transferable records accepted globally, which the minister said would revolutionise sectors like shipping.

The planned changes to the law would also affirm that new technologies such as blockchain and biometrics are covered by the ETA, while the IMDA also wants to update standards for third-party authorities issuing credentials for electronicsignatures.

He suggested that distributed ledger technologies, or blockchain, could improve transparency in areas such as title and land registries.

"This eliminates the need for third parties to be involved in title search and authentication," he said, adding that the valuation industry would have to adapt to these new processes.
under the S$14 million Smart Estate Initiative.
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[Anonymous No.14416788]

>>14416773
>smart contracts
>eliminates the need for third-parties