The article discusses the legal foundations for recognizing electronic records as valid under the UNCITRAL Model Law, suggesting they can meet 'in writing' requirements if they ensure data integrity and retrievability. It highlights the broad definition of 'transaction,' applicable to multisig agreements, where multilateral signatures create contracts reflected as hexadecimal data. This implies that electronic signatures and transaction data can serve legal purposes just as traditional written documents do, suggesting a legal framework evolving towards digital compliance, particularly concerning the legitimacy of multisig transactions.
Many jurisdictions have adopted the UNCITRAL Model Law on Electronic Commerce, allowing electronic records to fulfill traditional writing requirements if they can be retrieved later.
The definition of a transaction is broad enough: it can encompass raw data from a multisig transaction since it executes a contractual obligation.
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