Electronic Transferable Records as an Alternative to Commercial Papers

Abstract

Abstract: This research addresses electronic transferable records as a modern alternative to traditional commercial papers, grounded in the principles of functional equivalence and exclusive control as legal guarantees for circulation and proof. It analyzes the technological foundations supporting them, particularly blockchain technology and smart contracts, as well as the role of the system operator in ensuring data security and service continuity. The study adopts an analytical–comparative approach with the Bahraini and Singaporean experiences to highlight advanced legislative models, in contrast with the legislative gap in Iraq, which remains limited to the Electronic Signature and Electronic Transactions Law without providing a comprehensive framework for such records. The research concludes that adopting a specific legal framework, coupled with licensing system operators, amending evidentiary rules, and launching experimental sandbox environments, constitutes a fundamental requirement for establishing a secure legal and commercial environment that enables Iraq to integrate into the global digital economy.