Title: Addressing Challenges in the Enforcement of International Arbitral Awards rendered in Smart Contract Disputes on the Blockchain
Author(s): Manohar Samal (View Profile)
Journal: Indian Review of International Arbitration
Source: www.iriarb.com
Abstract:
An increased adoption in blockchain technology over the years across a multitude of industries and sectors has introduced a new form of dispute resolution for smart contract disputes called blockchain arbitration. The distinct method through which such blockchain arbitration occurs has presented significant challenges for parties to an arbitration and national Courts to provide effective enforcement and has also resulted in the rise of multi- faceted legal challenges. Even though parties to an arbitration have attempted to alleviate the challenges by the adoption of hybrid arbitrations, the traditional international arbitration mechanism has acted as an obstacle since legal instruments in the international sphere and legislation in the domestic sphere has been envisaged, keeping in mind the tenets of the traditional arbitration mechanism. Thus, this paper intends to showcase the challenges faced during smart contract disputes in blockchain arbitrations and aims to highlight best practices that can be adopted by relevant stakeholders, especially the parties themselves, to address such challenges of smart contract disputes in blockchain arbitrations.
Keywords: Enforcement, Award, Blockchain, Smart Contract, International Arbitration
*The views expressed are of author(s) only.