Critical Analysis Of Blockchain Arbitration
- IJLLR Journal
- 4 hours ago
- 1 min read
Saumya Singh, Department of Law, RKDF University, Bhopal, India
Asst. Prof. Shubhi Gupta, Department of Law, RKDF University, Bhopal, India
ABSTRACT
Blockchain arbitration has gained a lot of attention in recent years due to its potential to drastically alter the way legal disputes are settled. This article examines the potential outcomes of using blockchain arbitration technology. Blockchain arbitration uses blockchain technology to facilitate transparent and efficient dispute resolution in the legal system. The blockchain is a decentralised ledger where all users have access to the same transaction history. Using cryptographic algorithms, blockchain technology ensures that all transactions on the distributed ledger remain private and unchangeable. Smart contracts, the legal framework of blockchain arbitration, automate certain procedures and penalize offenders. In this research article, the researcher looks at how blockchain arbitration can be an improvement over traditional methods by virtue of its lower costs, greater transparency, and easier accessibility. The paper also notes that although blockchain arbitration might drastically improve the resolution of legal disputes, doing so would entail extensive preparation and coordination. This article does more than just list the upsides of blockchain arbitration; it also examines its shortcomings and suggests ways in which they might be addressed, such as by working together to create open standards and investing in accessible technology.
Keywords: Blockchain Arbitration, Ledger, Smart Contracts, Dispute Resolution, Cryptography
