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.
Table of Contents
1. Introduction
2. International commercial arbitration
3. Blockchain
4. Impact of Blockchain on International Commercial Arbitration
5. Conclusion
Objectives and Topics
This paper investigates the intersection of emerging blockchain technology and international commercial arbitration, focusing on how this digital innovation influences the efficiency, costs, and procedural landscape of dispute resolution.
- Conceptual analysis of international commercial arbitration
- Fundamental understanding of blockchain technology and its security features
- Assessment of the impact of blockchain on arbitral processes and costs
- Identification of potential synergies and future developments for the legal industry
Excerpt from the Book
Impact of Blockchain on International Commercial Arbitration
As explained by Gauthier Vannieuwenhuyse, new technologies, including blockchain, have made it to the legal world, simplifying all phases of the dispute resolution process. Of course, the innovations come with their own challenges that beg to be addressed by the dispute resolution process but of concern now is how this novel trends impact on the international commercial arbitration.
It is apparent that international commercial arbitration and blockchain technology once belonged to different worlds as they were discovered by generations separated by thousands of years, however, what cannot be denied is that the two trends, while basking in their own paradigms with occasional interactions, have the potential to become even more revolutionary when intentionally designed to work together. Mutually, the two can enhance the aptitudes of each other, while improving on their respective outputs by opening up opportunities for better results.
It therefore follows that arbitration and blockchain technology share a mutually beneficial relationship. Blockchain will improve efficiency through making information needed for international commercial arbitration readily available and in the form stored. This is buttressed that the information stored is generally secured and can be easily extracted for employment by an arbitral tribunal.
Summary of Chapters
Introduction: Provides an overview of new technological innovations and outlines the paper's interest in the impact of blockchain on international commercial arbitration.
International commercial arbitration: Defines the concept of international commercial arbitration, highlighting its lack of a single definition and common features like international character.
Blockchain: Explains blockchain as a secure, distributed filing system for digital information and its potential for tamper-proof database creation.
Impact of Blockchain on International Commercial Arbitration: Examines the mutually beneficial relationship between arbitration and blockchain, focusing on improved efficiency and cost reduction.
Conclusion: Summarizes how blockchain enhances efficiency, saves time, and provides greater flexibility and easier enforcement of awards in the arbitral regime.
Keywords
Blockchain, International Commercial Arbitration, Dispute Resolution, Technology, Data Security, Efficiency, Cost Reduction, Cryptography, Digital Information, Legal Industry, Innovation, Arbitral Tribunal, Transactions, Global Trade, Data Integrity.
Frequently Asked Questions
What is the primary focus of this paper?
The paper explores the intersection between emerging blockchain technology and international commercial arbitration, examining how the former might influence the latter.
What are the core thematic areas?
The core themes include the definition and characteristics of international commercial arbitration, the mechanics of blockchain, and the practical impacts of integrating these two fields.
What is the central research objective?
The objective is to determine how blockchain technology affects international commercial arbitration, specifically looking at positive or negative impacts on the dispute resolution process.
Which scientific methods are employed?
The paper utilizes a conceptual and analytical review of existing literature and legal definitions to synthesize the relationship between technology and law.
What is discussed in the main body of the paper?
The main body covers the conceptual definitions of the subject matters, the benefits of blockchain in securing data, and the potential for blockchain to cut costs and save time in arbitration hearings.
Which keywords best describe this research?
Key terms include blockchain, international commercial arbitration, dispute resolution, efficiency, data security, and digital innovation.
How does blockchain improve the arbitration process specifically?
Blockchain improves the process by making information readily available, secure, and easily extractable for arbitral tribunals, while also reducing the need for manual data clerks and recovery experts.
What conclusion does the author reach regarding the synergy?
The author concludes that the employment of blockchain technology significantly enhances efficiency, cuts costs, and provides benefits like flexibility and easier enforcement of awards.
Does the author identify potential risks?
Yes, the author notes that while there are benefits, the use of blockchain may also give rise to new types of disagreements regarding technology implementation that would subsequently need to be handled through arbitration.
- Arbeit zitieren
- Adams Rajab Makmot-Kibwanga (Autor:in), 2018, International Commercial Arbitration and Blockchain Technology. A Synergy?, München, GRIN Verlag, https://www.grin.com/document/454741
