Information Technology and ICT networks has accelerated changes and involved in all fields of daily life between governments, institutions, companies, and individuals as our world became a small village.
It is even much better, faster, and more intelligent now after new Blockchain (BC), Artificial Intelligence (AI) and Machines Learning (ML) methodologies appear in last 3 years.
Let us see here how this will touch the disputes cases and legal works worldwide?
According to the New York Convention of 1958, signed by more than 170 countries, we can judge a dispute between two or more parties with the utmost accuracy, speed and transparency, and the judgment must be implemented in the country of implementation against it, using the technique of a safe technical block chain.
In US now available E-Arbitration platforms which are connected with all American disciplines likes central banks networks, all federal courts, All government and judicial departments, police departments, land and property registration departments, and all customers databases within the United States.
All that the arbitration applicant needs is to register and embellish the data and documents related to his/her case to inform the defendant against him/her, and the platform will automatically complete all procedures, determine the fees and collect their commission, contact all parties and hold arbitration sessions on behalf of each other using the video conference feature to issue a fair and decisive judgment based on evidence that there is no room for doubt in it. The shortest period for litigation which called (e-Arbitration).
In the backend there are serval way for Blockchain technology to significantly enhance the efficiency, transparency, and security of e-arbitration processes like:
1. Blockchain has a very high secure block record (file) cannot be modified or updated without informing all parties as a decentralized system.
2. Smart Contracts: Smart contracts are self-executing contracts with the terms of the agreement directly written into the code. By utilizing blockchain, e-arbitration platforms can automate the execution of smart contracts, ensuring that contractual obligations are met and eliminating the need for intermediaries. This automation reduces administrative burdens and improves efficiency.
3. Timestamping and Proof of Existence: Blockchain allows for the secure timestamping of documents, creating a verifiable proof of the existence.
4. Enforcement of Arbitration Decisions: Blockchain can facilitate the enforcement of arbitration decisions by automating the execution of smart contracts. Once a decision is reached, the smart contract can automatically trigger the required actions, such as transferring funds or enforcing specific obligations, thereby streamlining the enforcement process which is the most important part for both parties.
Finally, blockchain technology offers several advantages for e-arbitration, including transparency, efficiency, security, and automation. By leveraging these features, blockchain can help streamline the arbitration process, enhance trust among parties, and improve the overall effectiveness of online dispute resolution.
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