The Future of Commercial Arbitration: Blockchain

Abstract

This article explores the potential of Kleros’ blockchain arbitration in revolutionizing the field of alternative dispute resolution, especially in commercial arbitration. The understanding of blockchain arbitration became important for resolution in commercial dispute. Despite its promising attributes, blockchain arbitration faces challenges in the existing legal framework. The ambiguity of lex arbitri raises questions concerning its applicability over the entirely novel blockchain arbitration. The discussion starting in enforceability of blockchain arbitral awards is also in question. Additionally, confidentiality, a cornerstone of arbitration, poses a concern in blockchain arbitration. In light of this challenges, this article advises caution for disputing parties considering opting into a blockchain arbitration agreement.

Keywords: arbitration; applicability; blockchain arbitration; enforceability; legal challenges

DOI: 10.7176/JLPG/140-05

Publication date:March 31^st 2024