Ethereum Founder Vitalik Buterin Shared Highlights On Decentralized Courts

  • Vitalik Buterin tweeted regarding the paper from Hitoshi Matsushima and Shunya Noda on blockchain-based smart contracts for arbitration.
  • A mechanism to settle legal disputes without the involvement of a legal procedure utilizing the blockchain technology has been brought up by Professor Hitoshi Matsushima.

Vitalik Buterin, co-founder of Ethereum on April 10, 2020, tweeted regarding the paper from Hitoshi Matsushima and Shunya Noda on blockchain-based smart contracts for arbitration, also with the provision of the link of the same.

Blockchain technology owns the potential to store the records of information in a way that there exists no chance for manipulation. Blockchain is designed to be decentralized: no involvement of administration or central government. Having numerous applications of its own in various fields, there has been a recognition of more comprehensive services it offers besides the popular  Bitcoin cryptocurrency.

A mechanism to settle legal disputes without the involvement of a legal procedure utilizing the blockchain technology has been brought up by Professors Hitoshi Matsushima from the Department of Economics at the University of Tokyo and Shunya Noda from the Vancouver School of Economics at the University of British Columbia, in Canada.

It, for instance, is the expansion of the existing ideas for smart contracts with the exclusion of the central administration. However, in the field of legal enforcement, there exists no application up until now. 

INSIGHTS INTO THE PAPER ABSTRACT

The paper outlines that the design of self-enforcing mechanisms that have no reliance on either a trusted third party or a long-term relationship is being studied, a smart contract written on the blockchain is being used instead. The…

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