New technologies refer to the ground breaking innovations that strive to improve the human life by attempting to make it easier for humans to execute tasks. They are brought to life by the ever questioning minds of the technologically savvy generation of the time. They include the emergence artificial technologies, big data, blockchain, machine learning, and text-mining, to mention but a few.
My interest in this paper, however, is investigating how the ever dynamic ground breaking ‘blockchain’ technological trend is likely to impact on the international commercial arbitrations. In the process of answering this, I will venture into explaining the concept of international commercial arbitration, elucidate on what block-chain technologies are, and at the end dissertate on how international commercial arbitration is affected, either negatively or positively, by ‘blockchain’ technology.
Inhaltsverzeichnis (Table of Contents)
- Introduction
- International commercial arbitration
- Blockchain
- Impact of Blockchain on International Commercial Arbitration
- Conclusion
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This paper aims to explore the potential impact of blockchain technology on international commercial arbitration. It investigates the dynamics of both concepts, highlighting the possible benefits and challenges that emerge when these two fields converge.
- Defining international commercial arbitration and its key features
- Understanding the concept and implications of blockchain technology
- Examining the potential benefits of blockchain for international arbitration efficiency, cost reduction, and time saving
- Exploring the potential for new markets and disputes arising from the integration of blockchain and arbitration
- Highlighting the mutual benefits of blockchain and international commercial arbitration
Zusammenfassung der Kapitel (Chapter Summaries)
- Introduction: This section introduces the concept of new technologies, focusing on the emerging trend of blockchain and its potential impact on international commercial arbitration.
- International commercial arbitration: This chapter defines the concept of international commercial arbitration, highlighting its key characteristics and common features. It discusses the international element of such arbitration, emphasizing the cross-border nature of transactions and parties involved.
- Blockchain: This section explores the concept of blockchain, describing it as a secure and distributed ledger system. It emphasizes the encryption and distribution of data across multiple computers, highlighting its potential for creating tamper-proof databases.
- Impact of Blockchain on International Commercial Arbitration: This chapter analyzes the potential benefits of blockchain technology for international commercial arbitration. It explores how blockchain can enhance efficiency by making information readily available and secure, reducing costs through streamlining processes and minimizing data processing needs, and saving time by facilitating faster data retrieval and analysis. The chapter also acknowledges the potential for new markets and disputes arising from the integration of blockchain and arbitration.
Schlüsselwörter (Keywords)
The primary keywords and focus topics of this paper include international commercial arbitration, blockchain technology, dispute resolution, efficiency, cost reduction, time saving, data security, new markets, and potential disputes.
- Quote paper
- Adams Rajab Makmot-Kibwanga (Author), 2018, International Commercial Arbitration and Blockchain Technology. A Synergy?, Munich, GRIN Verlag, https://www.grin.com/document/454741
