Contracts And Due Diligence Catching The Next Wave Of Computing (Web 3.0)

1. How it used to be (and still is):

Contracts:

The drafting of a contract used to depend entirely on human intervention. As long as the contract contained the fundamental elements of Cap.149, "offer", "acceptance", "consideration" an "intention to create legal relations" and was made for "lawful purpose", that contract could be enforceable by the parties, by the competent courts.

Due diligence process:

A due diligence process for the opening of a bank account, used to (and still is) a rather cumbersome process, requiring the disclosure of an applicant's personal data, such as passport copies, address details, academic and professional qualifications, income or tax statements, provided in original or certified copies, translated in a language which the financial institution understands and be ready to be disclosed under certain conditions to regulators applying anti-money laundering or anti-bribery regulations during routine checks (or otherwise).