Unconventional Adjudication: Promise of Blockchain-Based Dispute Resolution

Title

Unconventional Adjudication: Promise of Blockchain-Based Dispute Resolution

Creator

Divyashree, K.S.; Mishra, Achyutananda

Description

Blockchain technology is called disruptive technology. In the 1990s, the internet had the potential to revolutionize the entire industrial sector in the same way blockchain technology will change the face of society in the 2000s. Blockchain is the technology that also provides a platform for dispute resolution via smart contracts. The technology aims to create an anonymous and decentralized platform for transactions that do not require any state monitoring or intermediary. Blockchain is a decentralized network that generates an immutable record of transactions. A smart contract is a self-executing software application that executes a function automatically. When the prerequisites are met, the contract automatically takes effect. Blockchain-based dispute resolution (BDR) platforms provide services to resolve disputes resulting from blockchain and smart contract transactions, as well as traditional disputes unrelated to blockchain transactions. Blockchain-based DAO (decentralized autonomous organizations) are established, which are used to settle healthcare-related disputes between doctors, patients, insurance claims, etc. The blockchain platform offers unconventional processes for adjudication that are also distinct, unstructured, and unregulated. The platforms do not adhere to the accepted norms of alternative dispute resolution (ADR) and online dispute resolution (ODR) systems, raising concerns about the platforms authenticity and legitimacy, as well as the need for regulation. The purpose of this chapter is to examine the application of blockchain technology in dispute resolution and to comprehend regulatory issues. 2025 selection and editorial matter, Dr. Javaid Iqbal, Dr. Alwi M. Bamhdi, Dr. Bilal Ahmad Pandow, and Dr. Faheem Syeed Masoodi; individual chapters, the contributors.

Source

Applying Blockchain Technology: Concepts and Trends;pp.169-182

Date

01-01-2025

Publisher

CRC Press

Coverage

Divyashree K.S., School of Law, Christ University, Bangalore, India; Mishra A., School of Law, Christ University, Bangalore, India

Rights

Restricted Access; Hardcopy may be available in the library

Relation

ISBN: 978-104034466-8; 978-103263966-6;

Format

online

Language

English

Type

Book chapter

Identifier

https://doi.org/10.1201/9781032654812_10

https://www.scopus.com/pages/publications/105005692925?origin=resultslist