The financial world is undergoing a technological revolution, with approximately 3 trillion financial deals entered into using digital ledger technology (DLT) and smart contracts within the next five years.
The smart contracts will all be autonomous and recorded using blockchain technology. Europes legal systems will need to respond quickly to these changes, ready to deal with the regulatory and other problems that will undoubtedly arise.
In an epoque when the majority of the Western world can now receive every kind of service almost instantly on their smart phones, in the long-term surely delays that are inherent in almost all justice systems will also not suffice. Online solutions and other forms of speedier alternative dispute resolution will be needed to satisfy the millennial generation of our ability to deliver justice.
According to a press release issued by the British High Commission, the UK shared experiences from recent revisions in the judicial system to keep Europe up-to-date with technological inventions particularly in the following fields:
- Not only FinTech (financial technology such as blockchain).
- Also RegTech (regulatory technology such as DLT).
- And LegalTech (legal technology such as online courts & trials).
These will include:
- The establishment of the Business & Property courts to bring together one of the biggest dedicated business courts in the world.
- Bringing together the jurisdictions that deal with financial & commercial dispute resolution.
- Online dispute resolution platforms & online courthouses.
- The development of e-justice to deliver justice in a faster timeframe.
- All of the above have relevance to Cyprus’ plans in this area. Legal reforms such as these will also help meet Europe and more specifically Cyprus’ aim of becoming a regional business and legal hub.