After the world’s first blockchain bond being prepared by Commonwealth bank of Australia, World’s First Blockchain Court is now being set up in Dubai. The announcement was made long back, it just got official!
Blockchain is being implemented across various sectors ranging from fisheries to banking. It is a truly disruptive innovation which is changing the world. We also reported about the World Bank asking Commonwealth Bank of Australia to make the world’s first blockchain bond. However, there are very few laws which govern blockchain technology.
Considering that blockchain is a decentralized system governed by smart contracts, what happens in case of a conflict between the smart contracts. To answer these questions, world’s first blockchain court is now being set up in Dubai.
To set up the court, there was a partnership between the Dubai International Financial Center (DIFC) and Smart Dubai on 31st July. Over the course of time, this court is also expected to come up with solutions towards conflicts in smart contracts, especially those which arise between public and private blockchains.
As of now, the smart contracts which govern most actions of a blockchain network are irrevocable and transactions made on them are irreversible. The Dubai blockchain court is expected to come up with solutions to solve such disputes and to come up with conditions which can provide exceptions in these cases.
As reported by Khaleej Times, In addition to addressing these problems, the Dubai Blockchain Court would also be making use of the blockchain technology for improving the way the judiciary functions. The use of blockchain technology would help streamline the Dubai judiciary as well as help reduce the duplication of documents and bring in a modern touch to the systems.
“By harnessing blockchain technology, Dubai will be firmly positioned at the forefront of legaltech and judicial innovation, setting the standards for countries and judiciaries to follow,” commented Amna Al Owais, chief executive and registrar, DIFC Courts.
Dr Aisha Bint Butti bin Bishr, director-general of the Smart Dubai Office (SDO) says,
“The emirate has become a global trailblazer in embracing advanced technologies. One of the most notable of these innovations is blockchain.
Amna Al Owais, chief executive and registrar, DIFC Courts supports Aisha Bint Butti bin Bishr with her statement,
“This 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 blockchain technology, Dubai will be firmly positioned at the forefront of legaltech and judicial innovation, setting the standards for countries and judiciaries to follow.”
Dubai has been quite open top making use of the blockchain technology in the past. The city has come up with various tourist friendly solutions making use of the Blockchain technology. Moreover, Dubai is also testing out the use of Blockchain technology in banking with their “cheque chain” project.
