Code is Law is one kind of theory which is always metioned inside the blockchain industry.
From the basic meaning to understanding it, the programmed code is the law, which is no needs to have extra humankind behaviour to arbitrated and participated.
The main point of the blockchain is the multi-centralization, such as bitcoin, distributed saving (multi-centralized saving) to record the information on many nodes on the network. One person, one team cannot able to edit the data. The whole process would be based on the consensus which is created before then operate as the program inside it. It is almost impossible for the human behavior to participate, which is the model of the typical code is the law. And it is also the foundation to be trust of the bitcoin.
Within the Ethereum and the other more developed blockchain network, the blockchain network can display more features as the intelligent contract come out.
According to this, the emotional behavior of the human to sub in into the operation can be disappeared, which can erase the argument between the people. In developing the intelligent contract display more transparent, justice in the features is the display of the code is the law’s theory as well.
Within the traditional code programs, it is hard for us to avoid the intentional behavior from the designers, such as editing the rules on one side. But from this moment, with the help of the blockchain technology, the code is law becomes possible in the reality.
U.S. Securities and Exchange Commission (SEC) thought that the computing code can have got the legislative empowerment in the contract. As the result, when Celes uses the scripts from the design to fit the different legal system to achieve that the code is the justice regulation to support the institution to be legal and compliance.
However, each country legislative regulation would be very different, which also has the problem of the timing. For this reason, Celes also made a legislative and the regulated translated layer to response for this code to translate into the realistic legislative reading text.
Because Celes uses the “Decentralization” in the blockchain approach in recording the important data and authorization, supervisors can gain all the data and record. Therefore, the cost of the financial application in the various regulated report at present, like MIFID2 and etc. It would be more saves on the Celes to make the applications.
Because of the blockchain, there is no hidden or misunderstand trade record in the service theoretically on the C-Chain. Celes chain is working hard from “user”, “code” and “text” these three directions to support the development on the blockchain can be legalized.
For the supervised and legislative institution to increase efficiency but decrease the cost of supervision in the financial institution
Innovated decentralized public-chain blockchain’s system
Rebuild the trust for the financial institution update the C-chain communicated system
offer more the financial institution with providing more beneficial living area and benefit sharing mode so that the financial system can get more competition causes the customers to receive the largest benefit.
Because the complexity of the legislative regulated items, when designing the details in the code, the local specific legislative regulation would be considered. As designing the different express modes for the legislative, the goal of the readable law written by the code. We know that this is a very challenged assumption, but it is the bridge to connect the blockchain world and the realistic legislative world. The compatibility of the legislative regulation is a very meaningful direction.
While designing the compatibility of the Celes, it may have some troubles or the changes in the local legislation probably. As the result, Celes specialized another additional legislative regulated layer to read the code independently then save on the chain as the regulated file.
