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GLOSSARY

Smart contracts definition

Published by a LexisNexis Dispute Resolution expert

What does Smart contracts mean?

generally taken to refer to processes by which the generation, execution and enforcement of contractual obligations can be automated. One simple example of such a contract would be where a service is automatically stopped if the monthly subscription payment for that service is not received and registered on time’ (Lord Sales, Law and the Digital World, see: LNB News 27/04/2021 47—Lord Sales discusses challenges and benefits of digitalisation in law)

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The EU Data Act—checklist

The EU Data Act—checklist This checklist outlines the key requirements of Regulation (EU) 2023/2854, the EU Data Act, that businesses need to comply with, such as data access and portability, smart contracts, prohibition on unfair contractual terms, right to switch services (operability), open interoperability, as well as the rules on international data transfers. The EU Data Act aims to encourage business-to-business (B2B) and business-to-consumers (B2C) sharing of data generated by Internet of Things (IoT) devices to facilitate a fair use of data and realise the full potential of EU’s data economy. It is the second main legislative initiative resulting from the European strategy for data, after the adoption of Regulation (EU) 2022/868, the EU Data Governance Act. While the EU Data Governance Act creates the processes and structures to facilitate data sharing by companies, individuals and the public sector, the EU Data Act clarifies who can create value from data and under which conditions. The EU Data Act entered into force on 11 January 2024 and starts to apply on...

Issues in cryptoasset related civil claims—checklist

Issues in cryptoasset related civil claims—checklist This Checklist on cryptoassets considers issues for dispute resolution lawyers to consider when dealing with claims involving cryptoassets. It considers the key procedural issues involved in pursuing a civil claim where cryptoassets (usually their recovery) are in some way involved. The particular intangible and international nature of cryptocurrencies, which allows parties to exploit the asset and move it around the globe into less favourable jurisdictions, has made them ripe for misappropriation and theft and, to date, the caselaw in this area has almost exclusively been concerned with the recovery of stolen cryptocurrencies. Such decisions have thus far been at an interlocutory level only, however, the English courts have demonstrated a willingness to show flexibility in approach and to utilise the full panoply of procedures and rules at its disposal to facilitate effective attempts at civil recovery. One of your first tasks, whatever the factual scenario involved in a civil claim, is to identify the parties involved (which can be a particularly difficult exercise), the...

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Cryptoassets in insolvency

Cryptoassets in insolvency Cryptoassets—the basics In its simplest form, cryptoassets are a virtual currency which uses encryption to verify transactions denominated in that currency. It is a decentralised, near-instantaneous, and anonymous form of currency, independent of the traditional banking system. For further reading on the formation of cryptoassets, see: • Fintech—overview • Cryptoassets—overview • Practice Note: Web 3.0, digital assets and cryptoassets—essentials Insolvency and restructuring in the context of cryptoassets This Practice Note considers some of the issues that an insolvency professional (including an insolvency practitioner (IP)) might face if appointed to deal with a cryptoasset-related insolvency. This Practice Note does not consider the implications of cryptoassets in a personal bankruptcy scenario. It is widely acknowledged that legal and regulatory oversight of cryptoassets is somewhat behind the curve. Having said that, legislators and regulators have taken heed of the exponential growth and market capitalisation of cryptoassets and are swiftly bolstering existing, or developing new, legal and regulatory regimes. For further information, see Practice Notes: UK regulation of...

Arbitration annual round-up—England and Wales: reviewing 2017 and previewing 2018 [Archived]

Arbitration annual round-up—England and Wales: reviewing 2017 and previewing 2018 [Archived] ARCHIVED : This Practice Note has been archived and is not maintained. This year’s Arbitration annual round-up for England & Wales reviews some of the most significant judgments of 2017 and previews what is on the horizon for 2018. This includes key decisions of the Supreme Court, Court of Appeal and High Court spanning our enforcement, challenges and appeals, tribunal, and jurisdiction topics. Also included are updates on LexisNexis®’s content, including news of exciting developments from the past year and what is coming up in the next 12 months. Reviewing 2017 Enforcement of arbitral awards What happened? In 2017, the subject of recognition and enforcement of arbitral awards was dominated by two judgments of the UK Supreme Court. Arguably, the more significant of the two was IPCO v NNPC [2017] UKSC 16, where Lord Mance (with whom the other justices agreed) concluded that the court had no power to make an award debtor’s properly arguable...

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What is the difference between bitcoin and blockchain?

What is the difference between bitcoin and blockchain? What is bitcoin? Bitcoin is a digital token that lets you send money to any person in the world to pay for goods and services. It is a transparent, peer-to-peer payment network, and is now accepted by some real-life businesses as well as popular online services such as WordPress and Reddit. However, it is still very much in its early stages, and can be strongly affected by relatively small events. It’s a digital currency based on cryptic formulae and rules. It has been around for a few years, but is still pretty niche in the UK. The basis of it is that a bitcoin is created every time a computer solves a mathematical puzzle, so more and more are issued, but every time a puzzle is solved it gets harder and harder. You could make a comparison with gold, in that gold can be mined but it gets harder to find it and get it out of the ground...

Is a smart contract enforceable where it has been executed automatically?

Is a smart contract enforceable where it has been executed automatically? What is a smart contract and how might it be used? Smart contracts are computerised transaction protocols that execute the terms of a contract automatically, without the requirement of third party involvement. In other words, smart contracts are coded instructions which execute on the occurrence of an event (or events) and self-monitor the terms of the contract. A smart contract consists of the following elements: • two or more parties • the transfer of value from one to another, and • implementation of the contract without human involvement (once the smart contract has been coded) See: Law firms, artificial intelligence and smart contracts: (2016) 3 JIBFL 164 for more information. Smart contracts use blockchain technology to record and execute transactions. The term ‘blockchain’ was defined in a 2016 report by the government as: 'a type of database that takes a number of records and puts them in a block (rather like collating them on to a single...

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Arbitration analysis—P.R.I.M.E. Finance Amsterdam Conference on 16 May 2025

Arbitration analysis: P.R.I.M.E. Finance (the Hague-based Panel of Recognised International Market Experts in Finance) returned to the Netherlands and held its first Amsterdam conference at the headquarters of De Nederlandsche Bank (Dutch Central Bank) on 16 May 2025. Conference report written by Deannie Yap, manager and senior legal office P.R.I.M.E. Finance Secretariat.

FIA urges adoption of tokenised collateral to modernise cleared derivatives markets

The Futures Industry Association (FIA) has published a white paper, ‘Accelerating the Velocity of Collateral’, advocating for the adoption of tokenisation in cleared derivatives markets to improve collateral mobility and settlement efficiency. It identifies key benefits including (1) near real-time settlement of collateral, (2) improved liquidity utilisation and reduced counterparty risk, (3) support for continuous, 24/7 trading environments, and (4) enhanced data integrity and automation through smart contracts. FIA recommends starting with tokenised versions of non-cash collateral already accepted by clearinghouses—such as government bonds and money market funds—while noting that broader benefits will depend on the future eligibility of digital money like stablecoins, tokenised deposits, and central bank digital currencies.

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