We are establishing a decentralised commercial arbitration court which can recognize and understand smart contracts.
This means that the legal obligation to transfer value based on the correct execution of a smart contract can be enforced all over the world.
Specifically, this court is recognized as an arbitration court under the 1958 New York Convention, and can therefore make legally binding awards that will be enforced by national courts in nearly all of the countries in the world.
This finally removes the ambiguity about whether or not smart contracts are legally enforceable, and whether fiat property can be handled using blockchains.