What does PLE mean in Law & Legal?

Programmable Legal Entities

PLE is an umbrella term for new blockchain-based management systems. PLE-based corporate records can serve as a vivid demonstration of the company's advancement. The appeal of the method is a configurable level of transparency and infinite flexibility in modeling incentives for all participants. Authorities have started to recognise such specific software-based constructs as legal entities. New business primitives don’t emerge often; it probably only happens once per millenia. Technically, a programmable legal entity uses blockchain-based tokens and smart contracts to enforce its rules and business logic. Passing tokens does not involve a third party, whereas any operation over the Internet does. A programmable legal entity is a singular operational, ownership structuring, and marketing tool. Software is universally less expensive than human labour. More people can do more business

Governmental » Law & Legal