JUR: Dispute Resolution on the Blockchain Technology
Blockchain technology has continued to gain grounds since inception, and its versatility has made it a technological innovation that can be applied to various use cases in different industries, and across various sectors. It is interesting to note that a use for the blockchain technology has been discovered in dispute resolution. There is the likelihood for disputes to occur in our interactions and dealings with other humans, and these disputes can come in various forms, and the onus is on us to resolve it as best as we can. In the real world, when contractual disputes are arbitrated, it often takes more than 6 months for a resolution to be reached, and it’s usually expensive, most times costing above 50% of the amount in the contract. JUR is a decentralized platform created on the blockchain technology to help in the resolution of disputes, and these disputes are resolved at a cost that is a lot less than the amount that would have been paid if the dispute had been settled in court. The revolutionary system makes use of the Distributed Ledger Technology to solve disputes that may arise from defaults on contractual obligations. Since the advent of the blockchain technology, JUR is the first decentralized dispute resolution platform that is consensus-based.
How it Works
When a user opens a dispute on the network, the decision of who wins the dispute is based on the majority of votes carried out by the oracles. When the dispute gets resolved, the money contained in the contract is given to the winner of the dispute. The decisions made by JUR are created to be as fair as possible, and the platform has its foundation on the principles of a legal community that is qualified, consensus voting and anti-bias.
When disputes are opened on the JUR platform, the disputes will get resolved within 24 hours at a cost that is near-zero for the individual parties hired. Furthermore, the platform has the ability to facilitate legal agreements, settlement payments, and also make it possible for escrow deposits to get managed securely.
While disputes are settled at near-zero costs compared to the court, JUR’s core functionality is also free to use, and the platform gives people the ability to do the following:
- Create and make ESCROW deposits secure.
- Make use of smart contracts in the creation of Smart Legal Agreements.
- Securely withdraw settlements payments.
- Reach an agreement on contractual dispute resolutions within 24 hours.
The JUR solution seeks to bring simple solutions to what may be perceived as complex problems, and thus help in dispute resolution while sidelining the need to go through the rigorous and expensive processes of going to a physical court. There are various potential uses of JUR platform including intellectual property trading, and resolution of the spread of fake news on the internet, among other uses. This is a revolutionary innovation that has great potential and has the ability to best rival platforms.