🇪🇺 EU lawmakers have reached an agreement to approve the controversial Data Act, which includes a kill switch rule for smart contracts.
, but negotiations among EU lawmakers on the bill’s final version have been ongoing. The act is focused on the fair use of industrial data and removing barriers to fairly sharing data generated by a range of data-centered services, such as the Internet of Things.
The European Parliament had claimed this act would encourage greater use of data resources to train algorithms that would eventually lead to lower costs of services. However, the act drew heavy criticism from the crypto community due to the proposals around smart contracts and the vagueness of it. The act has provisions for imposing altering requirements for smart contracts, including kill switches that allow them to be safely terminated. The act establishes rules for the smart contracts for parties providing sharable data, including “safe termination and interruption,” and incorporates safeguards to preserve trade secrets and prevent illicit data transfers.
Cointelegraph reached out to Breton for comments about the controversy around smart contracts, but didn’t receive a response by publication.
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