Encrypted smart platform BitCAD, has presented a solution that seeks to simplify and facilitate business processes related to dispute settlement.
The project develops an operating system complete with conceptual and hardware solutions to generally improve business processes across various industries. This includes development of a unified smart contract legal prose, decentralized biometric identification systems, online accounting and banking solutions, among other things. The team has now presented its vision of an electronic judicial system.
In their official blog post, the project team has noted that the current state of dispute resolution makes it complex, expensive and time-consuming for both parties while benefiting mainly the arbitration system. In order to tackle the problem, BitCAD offers a three-component digital solution that, according to the post, could make the system more efficient.
The system offered by BitCAD incorporates three types of arbitration in what they call the Dispute Resolution Department, which assumes the entire functionality of traditional dispute settlement procedures while dramatically accelerating all related processes.
As explained in the post, the Dispute Resolution Department consists of electronic arbitration, so-called story-based arbitration, and a specifically hired ‘ombudsman.’
Electronic arbitration system is essentially a robot arbitrator that employs Internet technologies to deal with most basic disagreements in the area of e-commerce.
“The newborn code model is embedded in the basis, when this code evaluates the parties according to their behavior and the history of interaction during the entire transaction. When the parties don’t agree with the computer decision, they can solve the outcome of the case online with a voluntarily chosen randomness in the game additions form of certain sets,” the blog post reads.
Story-based arbitration comes into play when electronic arbitration does not suffice. As opposed to its digital counterpart, it involves living arbitrators of a decentralized court that review the case independently. This essentially creates a decentralized judicial system.
“Access to the history of events and all documentation is opened by each party separately by providing a private key with a ghost of the necessary arguments. In some cases, access to encrypted video recordings of the parties negotiations can be provided only if there is private key from each parties, depending on the originally selected conditions for the commencement of negotiations,” the post goes on to explain.
Finally, there is an ombudsman, which is a real-life arbitration court, private attorney or some international advisor hired by BitCAD to deal with issues and disputes involving the platform itself. The blog post describes the Ombudsman’s functionality as follows:
“Ombudsman is an independent, impartial and neutral person contracted to BitCAD, with jurisdiction over problems and complaints about decisions, actions or delay by BitCAD and the supporting bodies. He is an advocate for fairness. The Ombudsman investigates complaints and attempts to resolve them. Emphasizing mediation as a means for resolving issues, he will often convene a mediation between parties.”
This all, however, implies that the parties have concluded a smart contract. Still, the platform works on developing what it calls a ‘digital legal prose,’ which means that any traditional contract could be translated into the form of smart contract and thus become subject to electronic arbitration.
In the press release accompanying the announcement of the e-arbitration system, Christina Fedulova, the legal expert for BitCAD, commented:
“Electronic justice is a fast and reliable way to settle disputes between platform members or third parties that had concluded a smart contract elsewhere, or even signed a classic written agreement. It makes feigning proofs impossible while offering freedom in choosing judges of various legal systems. This is the future of dispute settlement.”
This entire system could, once deployed, be a more affordable alternative to traditional courts and accelerate dispute settlement procedures by the score.
However, in order to become generally acceptable and go beyond just the realm of smart contracts, it would require a universal standardized legal prose, which is still at early stages of development. Once deployed, it could indeed make legal procedures pertaining to e-commerce faster and more efficient.
The team has initially planned to launch a crowdsale campaign on May 4th, however, due to the need to debottleneck its other product, a decentralized system for biometric identification, the kickoff was postponed to May 11th. The campaign will last for a month with 100 million tokens issued.
This is a sponsored story.