The Use of Blockchain Mediation in Resolving Smart Contract Disputes

Abstract

It is vital for the world to keep up with and evolve at the same rate as technology. One such technological innovation is blockchain. Despite the fact that something has been on the spectrum for quite some time, only recently has it gained any attraction. This chapter begins by introducing the concept of blockchain and how it operates on the internet. A summary of the extensive coding and math needed is provided in plain text and simple terms. The chapter further discusses smart contracts, which are seen as a critical component of any transaction that takes place in blockchain. However, just like any other formal contract, there is a possibility of disagreement. Most smart contract disputes are settled using the same contractual laws. It is also essential to note that the method of resolving disputes is an important consideration. The author in this paper aims to analyse the procedural aspect of resolving disputes, more into the use of blockchain mediation. Lastly the author concludes by urging the fact the alternative dispute is the need of the hour.