As blockchain transactions begin to reshape the way business is conducted, financial settlements made on the DLT need to be standardized.
Setting a Standard
Setting a global standard for judicial innovation, the Court of the Blockchain aims to transform the way blockchain disputes are handled, encoding terms and regulations within blockchain-based smart contracts. The Court of the Blockchain will cover both private and public BC (blockchain) and will research how to aid verification of court judgements for cross-border disputes and resolutions.
The Dubai International Financial Centre Courts, first established in 2006, is an independent common law judiciary with jurisdiction over governing civil and commercial disputes nationally, regionally and worldwide. In partnership with Smart Dubai, DIFC Courts has this year, taken preliminary steps to create the world’s first Court of the Blockchain. This specialised court is in development in line with the Dubai Blockchain Strategy which seeks to use blockchain for 100 per cent of applicable government transactions by 2020.
Transforming the Legal Paradigm
Setting a global standard for judicial innovation, the Court of the Blockchain aims to transform the way blockchain disputes are handled, encoding terms and regulations within blockchain-based smart contracts. The Court of the Blockchain will cover both private and public blockchains and will research how to aid verification of court judgements for cross-border disputes and resolutions.
As it stands, transactions using BC-based smart contracts are irreversible, and there is no way to undo a transaction. The Court of the BC will use smart contracts on the BC that allow for specific conditions and exceptions, leading to quicker and more fair dispute resolutions. Additionally, the BC-powered court will remove document duplications and errors, increasing efficiency and streamlining the judicial process.
Amna Al Owais, chief executive and registrar of DIFC Courts, said:
“The taskforce is in line with our guiding principle to deliver courts as a service, powered by technology and extended through cooperation agreements and alliances. By harnessing BC technology, Dubai will be firmly positioned at the forefront of legaltech and judicial innovation, setting the standards or countries and judiciaries to follow.”
Dr. Aisha bint Butti Bin Bishr, the Director General of the Smart Dubai Office (SDO), said that the ‘Court of the BC’ project forms part of Dubai’s larger goal of digitising government services of all kinds.
“The emirate has become a global trailblazer in embracing advanced technologies and steeling them towards the safety, comfort and happiness of our city’s residents and visitors. One of the most notable of these innovations is BC, where the Dubai BC Strategy seeks to run 100% of applicable government transactions on BC by 2020.”
Dr. Aisha added that “an invention of this calibre and potential requires an equally disruptive set of rules and an empowered institution to uphold them. This is where our partnership with DIFC Courts comes in.”
