As per the announcement on April 6, a consortium of researchers has created a blockchain-based mechanism to create legal functions in ‘digital court’. The two famous professors, Hitoshi Matsushima from the University of Tokyo and Shunya Noda from the University of British Columbia are leading this project that aims to settle legal disputes without the need of costly legal process.
In this announcement, the University of Tokyo mentioned that this is going to be an extension of existing ideas for smart contracts without any requirement of a centralized administration. To deal with such queries and glitches, you can always start conversation with the team members who are there to listen all your queries and provide the best guidance. Connect with the team anytime whenever you are in fix and serve the best remedies that are easy to execute. Also, whenever you get encountered around such issues, always feel free to have conversation with the team members via Blockchain helpline number who are always listen to your queries.
A digital court’s advantages and challenges
The University said that the benefit of this system is that many stages occur away from the Blockchain which is only limited to look after and organise records of the parties involved in the dispute. Professor Matsushima gave additional details related to the design of the blockchain-based mechanism – On being suspended violation of some agreement, the ones who are involved post their opinions to this digital court. Also, the court accumulates the parties opinions and judges who interrupted their agreement. If the digital court finds out that a party violated the agreement, the party is fined by holding a deposit made during the initial agreement.
Though the team clarify about its key factor that they have to consider with this mechanism. As per the researchers, the technology has received bad press because of its decentralized nature. In addition to that, they expressed their concern that the digital court would be going to open the same issue. Matsushima responded to such concerns and said that Blockchain in a few ways are a double-edged sword. But such system signals the down of a new economic paradigm that must be embraced and accepted instead of ignored.
Prior example cases
Well, this digital court mechanism is not a new concept in the present scenario. In February month, Cointelegraph reported that Aragon Court had introduced a decentralized online court. During that time, the team who was responsible to design the system focused at eliminating traditional artificial barriers such as national jurisdictions or the borders of a single country when it comes to mediating disputes.
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