The Role of International Rules in Blockchain-Based Cross-Border Commercial Disputes

[excerpt] The concept of online dispute resolution (ODR) is not new. 1 But, with the advent of Web 3.0, the distributed web that facilitates pseudonymous and cross-border transactions via blockchain\u27s distributed ledger technology, 2 the idea of, and pressing need for, appropriate dispute resolution models for blockchain-based disputes to support this novel system of distributed consensus and trust of which blockchain proponents boast, is a primary concern in rapid development. 3 The common goal of each project is to utilize smart contracts to facilitate superior, quicker[,] and less expensive proceedings by eliminating so many of the tedious and protracted trappings of traditional arbitral proceedings, such as the sending and receiving of documents via courier. , Despite myriad approaches, all emerging blockchain-based dispute resolution services (BDR solutions) generally seek to bridge the divide between automated performance mechanisms, like smart contracts, and the human judgment traditionally required to settle legal disputes.5 How our existing legal frameworks must develop to ensure that smart contracts 6 facilitate, rather than frustrate, the parties\u27 intent is a critically important question to ask as the blockchain stack\u27s infrastructure and application layers are being built and, ultimately, scaled. Indeed, interest is high in the race to create alternative dispute resolution mechanisms to resolve disputes arising from blockchain-based commercial transactions that, due to the transnational, borderless, pseudonymous, and distributed nature of blockchain, clearly necessitate international solutions.

Electronic document authenticity verification of diploma and transcript using smart contract on Ethereum blockchain

Ethereum is one of the oldest examples of blockchain technology provides a system that converts centralized storage to distributed and records transactions by way of decentralized and not by a centralized system and can be verified by each node, therefore it is suitable for storing fingerprints from official diploma documents and transcripts that are published. Smart contract is needed for making contract transactions to Ethereum with programming code, so contracts such as diplomas and transcripts uploaded on the Ethereum blockchain can distribute and produce diploma validation and the authenticity of transcripts with transaction hash, consensus, and comply with ERC-721 token standardization. The results showed that a sample of 5 electronic documents in pdf format with a transaction speed of 1 second on each file that were published and secured with Ethereum blockchain technology can be easily verified for authenticity, the system proposed and developed by us takes in consideration invalid and failure cases by giving the necessary feedback to the user

PDFS: Practical Data Feed Service for Smart Contracts

Smart contracts are a new paradigm that emerged with the rise of the blockchain technology. They allow untrusting parties to arrange agreements. These agreements are encoded as a programming language code and deployed on a blockchain platform, where all participants execute them and maintain their state. Smart contracts are promising since they are automated and decentralized, thus limiting the involvement of third trusted parties, and can contain monetary transfers. Due to these features, many people believe that smart contracts will revolutionize the way we think of distributed applications, information sharing, financial services, and infrastructures. To release the potential of smart contracts, it is necessary to connect the contracts with the outside world, such that they can understand and use information from other infrastructures. For instance, smart contracts would greatly benefit when they have access to web content. However, there are many challenges associated with realizing such a system, and despite the existence of many proposals, no solution is secure, provides easily-parsable data, introduces small overheads, and is easy to deploy. In this paper we propose PDFS, a practical system for data feeds that combines the advantages of the previous schemes and introduces new functionalities. PDFS extends content providers by including new features for data transparency and consistency validations. This combination provides multiple benefits like content which is easy to parse and efficient authenticity verification without breaking natural trust chains. PDFS keeps content providers auditable, mitigates their malicious activities (like data modification or censorship), and allows them to create a new business model. We show how PDFS is integrated with existing web services, report on a PDFS implementation and present results from conducted case studies and experiments.Comment: Blockchain; Smart Contracts; Data Authentication; Ethereu