Blockchain technology is still in its infancy and it will no doubt go through many phases of evolution in the coming years. There are so many benefits it can have for people, businesses, and governments that significant gains in efficiency are set to be reaped in the coming years.
However, with an emerging sector, there are always going to be teething problems, some of which may need to be resolved in a legal environment.
Smart Dubai and the Dubai International Financial Centre (DIFC) have entered into a partnership which will see them develop the very first ‘Court of the Blockchain’ in the world. The goal of this project to initially how it could help with court judgment verifications that need to be enforced across borders.
The two parties believe that this new partnership is a vital initial step in the creation of a judiciary system that is based on the blockchain. This, in turn, will mean that the judicial system can be streamlined, with the likes of document duplication being eliminated and the ecosystem as a whole can become much more efficient.
They will be conducting research on the best ways in which disputes involving public and private blockchains can be dealt with. This will largely involve regulation and smart contracts. As of now, transactions involving smart contracts cannot be reversed, so transactions cannot be unwinded in any way.
As part of this project, they will be working on ways in which they can model certain smart contracts to have them incorporate logic and also allow them to account for exceptions and other conditions that will help achieve a swift resolution in the event of a dispute.
The DIFC had previously been involved in the formation of the Courts of the Future Forum alongside the Dubai Future Foundation in 2017. This was created to make guidelines when it comes to commercial court settings that are universal. They have since branched out into the private sector and are conducting research in numerous areas related to blockchain technology.