The European Union's Data Act will take effect on January 11, 2024 and it contains a set of regulatory requirements for how Smart Legal Contracts are built, function and serve the greater legal-commercial ecosystem. If your firm or enterprise is looking to improve the efficiency, transparency and security of its portfolio of legal agreements, make sure that your Smart Legal Contract (or Smart Contract) solution offers full compliance. For example, the Data Act’s privacy and security requirements are incompatible with permissionless blockchains (such as Ethereum). There are currently no solutions for using permissionless blockchains for legal agreements that contain personal information or confidential trade secrets.
We at Hunit are proud to announce that our technology and operations are fully aligned with these new regulations and welcome the Act’s contribution to making Smart Legal Contracts (SLCs) robust and secure tools. It underscores the importance of full digitalisation, where legal contracts transcend their role as written records to become safeguards enhancing the EU’s business landscape. The Act mandates specific essential requirements, focusing on robustness, access control, and safe termination features. Hunit has integrated these requirements, ensuring that our SLCs meet the highest standards of operational safety and data integrity. The Act also emphasises interoperability standards, which is in line with our vision of creating SLCs that seamlessly integrate across platforms and systems. We understand the importance of flexibility and compatibility in today’s interconnected digital ecosystem, and our solutions are designed to facilitate smooth data-sharing while adhering to the EU's new legislative framework.
For Hunit, regulatory compliance is not an afterthought, but a cornerstone of our company’s technical and commercial planning. We prioritize staying ahead of regulatory curves, ensuring that our clients and partners operate with confidence. Our alignment with the EU Data Act is a step forward in our ongoing journey to deliver excellence and innovation in the SLC sector.
We are excited about the opportunities that this new regulatory environment will bring and remain committed to providing our clients with cutting-edge, compliant SLC solutions.