More talks in the program:
A smart contract is a software programme that is stored on the blockchain. Smart contracts can be used in supply chain management, trade finance and energy trade. In the context of these different transactions, it would be relevant to include an arbitration clause in the smart contract to prompt the parties to resolve their differences with regards to the performance of the contract. This type of dispute resolution has received widespread attention for the resolution of specific low-value claims.
In light of these technological innovations, this paper focuses on an examination of the extent to which the blockchain-based arbitration procedure guarantees the parties’ right of access to justice in B2B disputes as an alternative to traditional face-to-face arbitration. The paper explores in the first instance the reasons behind the adoption of blockchain-based arbitration, and whether this ameliorates the parties’ possibility of access to justice in contrast to traditional arbitration. The paper then analyses the extent that the parties’ rights are protected by the current legal framework for providing adequate access to justice to resolve their disputes.