It is, of course, their project, so they’ll argue for it. We’d suggest that the world isn’t quite ready for Blockchain courts.
Would you trust a blockchain court or arbitration process?
Here’s what they are saying.
By implementing a decentralized arbitration system on the blockchain, issues are resolved by a panel of jurors resident on the Jury.Online platform. This system serves to eliminate the above-listed setbacks which are detrimental to business operations in the fast moving technologically empowered societies of today.
Users on this platform can create deals and have them registered on the blockchain as immutable and transparent smart contracts. This enables every fact and detail of the deal to be available and traceable in case of any dispute.
To settle eventual disputes, judges are chosen randomly from a pool of judges, unless the involved parties unanimously select a particular judge over themselves whose decision will be binding over the issue at hand. Anyone can apply for an arbiter within or without a pool to Jury.Online project with background and experience description and get a chance to become a professional arbiter.
A typical example
A simple real-life example of implementing the Jury.Online system can be in a deal involving two individuals, a business owner and a website designer where the business owner contracts the website designer to create a website for his business.
Assuming that both parties only agreed on the creation of a website without the mention of hosting it, a dispute may arise when the business owners assume that hosting is automatic and complimentary, while the designer thinks otherwise.
Jury.Online simplifies and speeds up the settlement process of such a case because every fact and detail of such a contract would be placed as a smart contract from the beginning on the open source protocol of the Jury.Online blockchain. These details remain constant and immutable and when jurors are chosen from a pool of arbiters by the disputing parties, they carry out their investigations independently on existing facts and details and deliver judgment immediately.
Once judgment is delivered, the execution aspect which involves sealing up the deal is carried out immediately and everyone moves on.
The Jury.Online project is pioneered by Alexander Shevtsov and Konstantin Kudriavtsev. Alexander is a mathematician and a high-qualified specialist in cryptography, who has a background in abstract and theoretical areas of mathematics, engaged in cryptography, and has written several educational articles for universities.
According to Alexander, his interest in blockchain technology and cryptography lies in the reality of its application in the real world.
“First of all I’m interested in blockchain because this technology, and cryptography in particular, are some of the very few spheres of abstract mathematics, its matchless beauty and elegance can be applied in the real world”, he says.
For Konstantin who holds a degree in Technical Cybernetics, and work experience in some of the world’s largest banks (PrivatBank, Alfa Bank, UBS London Bank), the innovation that blockchain brings into the technology circle should be embraced by everyone.
“In general, all the technologies separately (p2p Protocol, encryption, etc.) were already known, but by combining them together, the technical world has been disrupted with blockchain technology and this is a breakthrough which should not be missed by anyone.”