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ARTICLE · 02 DECEMBER 2019

Guernsey's Fintech Future…

Carey Olsen
Carey Olsen
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Carey Olsen

Carey Olsen

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Guernsey continues to thrive as a centre for financial services innovation, with the island's businesses demonstrating their appetite not only to partner with global fintech giants

GuernseyTechnology
Carey Olsen
Carey Olsen
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Guernsey continues to thrive as a centre for financial services innovation, with the island's businesses demonstrating their appetite not only to partner with global fintech giants, but also to develop their own pioneering technology.

Facilitation of smart contracts

Earlier this year, the States approved a draft Ordinance under The Electronic Transactions (Guernsey) Law, 2000, which is designed to create certainty in relation to the legal effect, validity or enforceability of contracts involving an electronic agent(s). This, in effect, facilitates the use of smart contracts in commercial transactions, whereby the contracts can be stored on either a public or a private blockchain and made visible to the participants of that blockchain. Smart contracts are essentially self-executing contacts with specific instructions written in their code, which are executed when certain conditions are met.

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