The newly proposed EU Data Act, published on February 23 — which aims to regulate and control the ways in which data is used — also touches the issue of smart contracts.
, the new Data act seeks to “ensure fairness in the digital environment, stimulate a competitive data market, open opportunities for data-driven innovation and make data more accessible for all.”However, due to its large scope, this new act touches the subject of smart contracts, which are pieces of software designed to execute certain tasks based on data inputs.
One of these requirements, called “safe termination and interruption,” states that approved smart contracts shall:…include internal functions which can reset or instruct the contract to stop or interrupt the operation to avoid future executions.Another requirement for smart contracts to be validated by the EU includes the ability to audit the contracts, with the possibility of obtaining a record of the transactions made in the past by the software.
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