Researchers from some leading universities have created a blockchain-basedĀ digital court.
The court will initially target cases involving contracts, sales, auctions and other civil cases. It will identify and punish those who deviate from legal obligations.
The project was led by Professor Hitoshi Matsushima from the University of Tokyo inĀ JapanĀ and Shunya Noda from the University of British Columbia in Canada.
In theirĀ press release, the researchers stated that the new system can be implemented right away as it relies on existing technology. It eliminates the need for a costly legal process and avails justice to all.
The involved parties will make a deposit before the trial begins, Professor Matsushima explained. He stated, āOn suspected violation of some agreement, those involved post their opinions to this digital court.
The court algorithmically aggregates the partiesā opinions and judges who violated their agreement. If the digital court judges that a party violated the agreement, the party is fined by withholding a deposit made during the initial agreement.
āMost of the processes involved will occur away from theĀ blockchain, the researchers stated.
The blockchain will only be used to maintain records of the partiesā involvement with an agreement.
This is to minimize costs, as increasing the number of interactions with a blockchain system can drive up the associated costs.And while blockchain technology has proven to be very efficient, it has received a lot of bad press, with many associating the technology with many of the scams that have rocked the digital currency industry.
Others have come to believe, falsely so, that the lack of a central authority in a blockchain system implies that it can be usedĀ for nefarious purposes by malicious parties.
This system will be affected by this negative press, the researchers believe. Lawmakers must put regulations in place to protect the emerging technology.
āBlockchains in some ways are a double-edged sword. But this kind of system signals the dawn of a new economic paradigm that must be embraced and explored rather than feared and ignored.
We have found a way to satisfy agreements without traditional legal enforcement or the long-term reciprocal relationships which might ordinarily keep the players honest,ā Matsushima stated.
The use of blockchain in the justice system has continued to grow, withĀ Chinaās smart courtsĀ the best example. These courts have settled millions of cases, combining blockchain with other emerging technologies such as artificial intelligence and machine learning.
New to Bitcoin? Check out CoinGeekāsĀ Bitcoin for BeginnersĀ section, the ultimate resource guide to learn more about Bitcoināas originally envisioned by Satoshi Nakamotoāand blockchain.
The court will initially target cases involving contracts, sales, auctions and other civil cases. It will identify and punish those who deviate from legal obligations.
The project was led by Professor Hitoshi Matsushima from the University of Tokyo inĀ JapanĀ and Shunya Noda from the University of British Columbia in Canada.
In theirĀ press release, the researchers stated that the new system can be implemented right away as it relies on existing technology. It eliminates the need for a costly legal process and avails justice to all.
The involved parties will make a deposit before the trial begins, Professor Matsushima explained. He stated, āOn suspected violation of some agreement, those involved post their opinions to this digital court.
The court algorithmically aggregates the partiesā opinions and judges who violated their agreement. If the digital court judges that a party violated the agreement, the party is fined by withholding a deposit made during the initial agreement.
āMost of the processes involved will occur away from theĀ blockchain, the researchers stated.
The blockchain will only be used to maintain records of the partiesā involvement with an agreement.
This is to minimize costs, as increasing the number of interactions with a blockchain system can drive up the associated costs.And while blockchain technology has proven to be very efficient, it has received a lot of bad press, with many associating the technology with many of the scams that have rocked the digital currency industry.
Others have come to believe, falsely so, that the lack of a central authority in a blockchain system implies that it can be usedĀ for nefarious purposes by malicious parties.
This system will be affected by this negative press, the researchers believe. Lawmakers must put regulations in place to protect the emerging technology.
āBlockchains in some ways are a double-edged sword. But this kind of system signals the dawn of a new economic paradigm that must be embraced and explored rather than feared and ignored.
We have found a way to satisfy agreements without traditional legal enforcement or the long-term reciprocal relationships which might ordinarily keep the players honest,ā Matsushima stated.
The use of blockchain in the justice system has continued to grow, withĀ Chinaās smart courtsĀ the best example. These courts have settled millions of cases, combining blockchain with other emerging technologies such as artificial intelligence and machine learning.
New to Bitcoin? Check out CoinGeekāsĀ Bitcoin for BeginnersĀ section, the ultimate resource guide to learn more about Bitcoināas originally envisioned by Satoshi Nakamotoāand blockchain.
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Francisco Gimeno - BC Analyst This is an amazing step forward for the use of the 4th IR tech in Law. It raises many questions as with any new technology, combined with AI and IoT, as it can be used both by totalitarian and democratic governments, so algorithms and regulations should be carefully designed.