The future… It’s both exciting and scary at the same time. Soon (by 2020) we’ll be living in a world where Uber flying taxis can pick us up and fly us to our destination in Los Angeles. Of course, if you get into a little fender bender at 200 mph in the air, there’s gonna be some additional cleanup involved.
Flying taxis is one thing, but what if we told you a project was underway to design “smart” contracts using blockchain technology (just blocks of data that come together to form a data chain like bitcoin and other cyber currencies) where users can create deals and have them registered on the blockchain as immutable and transparent “smart” contracts. This enables every fact and detail of the deal to be available and traceable in case of any dispute. Which does sound really great.
The creators of this new blockchain contract and arbitration system called “Jury.Online “ feel it has the potential to be better than traditional dispute resolution involving arbitration due to flaws in the current system such as:
- High price — Professional legal services are extremely expensive, with preliminary consultations alone costing hundreds of dollars, while lawyer’s fees for civil lawsuits can run up to thousands of dollars.
- Duration of proceedings — As a rule, it takes several court sessions at intervals of 1-2 months to solve a case. That, of course, is too long for most disputes.
- Judgment execution — Even if a judgment is delivered, its execution takes time and is carried out by third parties. The losing party may abscond, declare bankruptcy or otherwise avoid fulfilling its obligations.
- High entry requirements — Most often, only big cases are heard in courts, and few people are ready to start serious litigation for disputes over everyday matters like a poor-quality product or service. The cost and complexity of proceedings do not depend too much on the subject of the deal.
- Jurisdictions — Public courts administer justice under the laws of a certain state, which vary significantly between countries.
- Political engagement and bias — Courts are not always independent — they are often influenced by other institutions and people.
- Complexity — Few people can protect their own interests; for the rest, trials are very complicated.
- Lack of choice — There is no way to choose the specific rules to be used for dispute resolution. Usually, it is the national legislation of a certain country, which cannot be altered by the parties.
By implementing a decentralized arbitration system on the blockchain, issues are resolved by a panel of jurors resident on the Jury.Online platform. This system serves to eliminate the above-listed setbacks which are detrimental to business operations in the fast moving technologically empowered societies of today.
Blockchain justice really does sound amazing, but then again, so does flying in a taxi over gridlocked downtown LA. But the question is — will it really get off the ground or will that ever-present pesky “human” element screw things up? Today, disputes still happen. And when they affect YOUR business, pick Dean Sperling, the only attorney that is much better than artificially intelligent and will get YOUR matter resolved with YOUR best interests in mind.
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