The Ongoing Speculation About Smart Contracts: Smart Enough to Replace Third Party Arbitrators, or Is "Smart" Just A Misnomer?

Authors

Rakhil Kalantarova, Benjamin N. Cardozo School of Law

Abstract

Although there is unmatched publicity about blockchain all over the world, the purpose of this Note is to provide a narrower insight into the fundamental importance of blockchain to the evolution of smart contracts. It will also introduce a proposition that oracles should be granted the authority to serve as arbitrators in mandatory Online Dispute Resolution ("ODR") and advise a step-by-step process to achieve that end. Section II of this Note will explore the background information and intricacies of blockchain technology, along with the realm of the purposes of smart contracts. It will also attempt to explain the benefits of either having mandatory arbitration or mediation implemented. Section III is a discussion of whether smart contracts should be equated with traditional contracts and the multifaceted uses that they provide. Section IV will propose ODR as the most reasonable and beneficial option for obtaining a legal equitable solution in the case of a breach in smart contracts. In conclusion, Section V briefly reiterates the main points of the Note and the overall benefits of ODR.

Disciplines

Contracts | Dispute Resolution and Arbitration | Law | Legal Ethics and Professional Responsibility | Legal Profession | Science and Technology Law

Recommended Citation

Rakhil Kalantarova, The Ongoing Speculation About Smart Contracts: Smart Enough to Replace Third Party Arbitrators, or Is "Smart" Just A Misnomer?, 21 Cardozo J. Conflict Resol. 551 (2020).
Available at: https://larc.cardozo.yu.edu/cjcr/vol21/iss2/12