According to the Chancellor of the High Court, Sir Geoffrey Vos, one of the most senior judges in the United Kingdom, Common Law jurisdictions, such as Cyprus, are in good position to deal with coming changes in the commercial and technological environment.
The Chancellor gave a speech at an event organised by the British High Commission and the University of Nicosia School of Law. He stated that the financial world is going under a significant revolution and about 3 trillion financial deals will be entered into every year using smart contracts and digital ledger technology (DLT) within five years.
“These smart contracts will all be self-executing and recorded on the blockchain. The world’s 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 era when people can get every kind of service almost instantly on their smartphones, it is inconceivable that they will accept, in the longer term, the delays that are inherent in almost all justice systems. Online solutions and other forms of speedier alternative dispute resolution will be needed to satisfy the millennial generation of our ability to deliver justice”, he noted.
Sharing the experience from the adaptations in the judicial system following tech development, the adaptations with innovations will be with the FinTech, LegalTech, and the RegTech. Moreover, this will involve the Business and Property courts uniting the jurisdictions that deal with financial, business, and commercial dispute resolution into one of the biggest devoted business courts in the world. The initiative will also include online dispute resolution platforms and online courts which have relevance to the plans of Cyprus. Hence, the legal reforms in this field will assist Cyprus to reach the target of being a regional business and legal hub.
High Commissioner Stephen Lillie, in his opening speech also stated that “as countries with a shared legal heritage, the UK and Cyprus – and indeed other EU Common Law jurisdictions such as Ireland and Malta – have much to learn from each other in the field of modernisation of judicial practices to keep pace with the technological advancements of the 21st century. Understanding these technological advancements is the first step along the way to tackling them, and helping to shape the legal environment in which these revolutionary developments will occur”.