EU Parliament passes "Data Act," smart contracts must include "pause" and "reset" functions

The European Parliament has voted to pass the "Data Act," which requires smart contracts to have access control and protection of business secrets, as well as the ability to stop or reset. 500 EU legislators voted in favor of the bill, 23 opposed, and 110 abstained. Chief legislator del Castillo Vera and other legislators are authorized to negotiate with the governments of EU member states to finalize the legal text.

The European Parliament voted on the "Data Act", which requires smart contracts to have access control and protect business secrets, as well as the ability to stop or reset. 500 EU legislators voted in favor of the bill, 23 opposed, and 110 did not vote. The vote authorizes lead legislator del Castillo Vera and other legislators to negotiate with EU member state governments to finalize the legal text.

However, not everyone agrees with the bill. Blockchain legal expert Schrepel believes that the legal text is unclear about who must press the smart contract termination switch in practice, and it undermines the fundamental principle that automated programs cannot be altered by anyone.

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