Dispute resolution by means of blockchain technology

Abstract

One of the most important technological advances of recent times is the blockchain technology, which is gradually gaining recognition, having a significant impact on a number of industries. At the same time, the most interesting blockchain-based technology is smart contracts, which makes it possible to get rid of intermediaries and significantly reduce the costs the parties to cross-border contracts carry. With the development of new technologies, new types of disputes appear, which can not always be resolved through existing mechanisms, such as the court or international commercial arbitration. As a result, there is a need to modify existing or introduce new mechanisms that are more suitable for resolving disputes in the global digital decentralized economy. One of these mechanisms is blockchain-arbitration. Currently, several projects of such arbitration have been developed, the most interesting of which are CodeLegit, SAMBA and Kleros, each with a certain specificity. At the same time, the Kleros project, which is an attempt to create a decentralized quasi-judicial system for resolving disputes arising from smart contracts, deserves special attention. Analyzing each of these projects, the author points out some problems that may arise when using them, and suggests ways to solve them.