Originally from Alternatives to the High Cost of Litigation

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If traditional courts and arbitral tribunals lack jurisdiction to hear these disputes, then who or what will?

Arbitration is the only viable approach for blockchain-based disputes. Once blockchain technology achieves sufficient widespread commercial use, disputes involving blockchain technology will inevitably arise. What is needed is a fast, inexpensive, transparent, and reliable arbitral system, having decentralized jurisdiction across an entire blockchain, that renders ultimate judgments.

Currently, there are no uniform standard arbitration procedures for arbitrating disputes involving smart agreements. Sara Hourani, “The Legal Reality of the Recognition and Enforcement of Cross Border Blockchain-based Arbitral Awards: Beyond Futuristic Idealism?” (May 18, 2019) (available with account at http://bit.ly/3jA8iNw). These technologies are simply too new.