Smart contracts are becoming one of the most popular innovations on the Blockchain. It’s finding adoption in almost every sector and is being implemented by both small and large organisations. However, no matter how interesting the concept appears, with the automation of processes and execution, the need for arbitration arises during disputes.
Existing systems are deficient
In traditional systems, when business relationships are challenged or fail, parties may seek justice and protection of their interests in courts of arbitration and private settlements.
This necessitates the development and implementation of judicial processes which interpret contract terms and find ways to resolve such disputes.
The rate of technological development has rendered traditional judicial systems too slow and most often inadequate in solving many issues, especially as smart contracts are becoming prominent. Disadvantages such as high cost of service, elongated duration of proceedings, delayed execution of judgement, among other setbacks, make these traditional processes incompatible with today’s systems.
To solve these problems, Jury.Online is creating a protocol for interaction between judges and the parties to deal, as well as a transparent, secure and convenient platform for making deals using Blockchain and modern cryptographic systems.
A functional platform built by experts
Jury.Online is founded by Alexander Shevtsov, a mathematician and high-qualified specialist in cryptography, with a background in abstract and theoretical areas of mathematics. Alexander is the author of several educational articles such as “Advanced encryption standard” and “Hash Algorithms”. A Blockchain developer and enthusiast, Shevtsov also writes smart contracts on Ethereum.
“First of all I’m interested in Blockchain because this technology, and cryptography, in particular, are one of the very few spheres of abstract mathematics, with its matchless beauty and elegance, that can be applied in the real world.”
Alexander Shevtsov’s idea is to digitalize some spheres of life which were not intended to be digitized. This has earned him the reputation of a “romantic mathematician who sees the world in zeroes and ones”.
Konstantin Kudriavtsev is the project’s CTO, and has a degree in technical cybernetics. Konstantin has worked with some of the world’s biggest banks, e.g. PrivatBank, Alfa Bank and UBS London Bank. He has also worked in the development of fault-tolerant, high-loaded information systems. In 2008 Kudriavtsev established a company which is fully set up with all workflows, mobile application, IoT and fault-tolerant, high-loaded information systems.
“In general, all the technologies separately (p2p Protocol, encryption, etc.) were known. By combining them together, the technical world has received Blockchain technology as a breakthrough which no one can afford to miss.”
Konstantin Kudriavtsev is popularly described as a Blockchain enthusiast who wants to develop current solutions so they can be applied to Blockchain standards.
Secure and transparent arbitration
Jury.Online is providing a platform for deals reinvention where disputes can be resolved very quickly with minimal hassles.
Built on the Blockchain, every information on the platform is open and accessible by any computer connected to the network, therefore contract and arbitration proceedings are transparent, secure and immutable.
The Jury.Online platform creates workplaces where arbiters from around the world can join and provide the price for which they are willing to work. Counterparties would make their choice of arbiters on an established cost of service, and the jury’s decision settles the dispute.
The platform is a decentralized arbiters market where anyone can apply to be an arbiter within or without a pool to Jury.Online project, with a background and experience description, and get a chance to become a professional arbiter.
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