Future of eCommerce Law 2025 for Lawyers

I believe that blockchain technology will be more prominent in 2025 and that lawyers will need to have a better understanding of blockchain technology, and must understand the use of smart contracts and their associated risks amongst other issues.

Several governments are increasingly recognizing cryptocurrencies and blockchain technology. They are passing laws to regulate cryptocurrency and provide a framework for the development of blockchain businesses. [1] For example, in my home jurisdiction of St.Christopher and Nevis, the Virtual assets bill was recently passed to provide a legal framework for blockchain-based businesses in the Federation. [2] Many lawyers in St.Kitts & Nevis are unfamiliar with blockchain, and groups of attorneys are meeting regularly to discuss the benefits and pitfalls of the technology and how attorneys can assist their clients who are involved with blockchain technology.

I think that smart contracts can potentially impact e-commerce by increasing transparency and accessibility of online services.[3] I believe that blockchain technology could revolutionize different areas of law, such as contract law, property law, and information law, to name a few. Smart contracts are self-executing and could reduce issues surrounding the breach of contract, reduce fraud, and be faster and more efficient. [4] However, there could still be limitations to the use of smart contracts as smart contracts may not have all the characteristics of traditional contracts, and there may be problems surrounding their adjudication and their legal enforceability. [5] Attorneys should explore the pros and cons of smart contracts to understand some of the future legal issues they may face (such as enforceability, dispute resolution, practical difficulties such as inability to make amendments).[6]

My recommendation to governments and the legal community would be to form task groups to explore the development of blockchain technologies to determine how blockchain and cryptocurrency could potentially be regulated or not. I believe that modeling laws of the US State of Wyoming that have emerged as a leader in blockchain and cryptocurrency could be a good starting point. [7]

Jennifer Harding-Marlin / Attorney / jhmarlin.come

[1] Girasa, Rosario, “Regulation of Cryptocurrencies and Blockchain Technologies National and International Perspectives” (2018) Springer

[2] St.Kitts & Nevis Virtual Asset Act, 2020

[3] Sibylle Grenon, “Codifying code? Evaluating US smart contract legislation” (2019) International Bar Association

[4] Zaheer Allam, “On Smart Contracts and Organisational Performance: A Review of Smart Contracts Through the Blockchain Technology” (2018) Review of Economy & Business Studies Vol 11(2)

[5] Ibid

[6] Phillipa Ryan, “Smart Contract Relations in e-Commerce: Legal Implications of Exchanges Conducted on the Blockchain” (2017) TIMR Vol 7(10)

[7] Sibylle Grenon, “Codifying code? Evaluating US smart contract legislation” (2019) International Bar Association