Journal of Arbitration Studies (한국중재학회지:중재연구)

The Korean Association of Arbitration Studies (한국중재학회)
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Smart Contract and Dispute Resolution by Arbitration

스마트 계약과 중재에 의한 분쟁해결

  • Received : 2020.02.10
  • Accepted : 2020.02.29
  • Published : 2020.03.02
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Abstract

Smart contracts are implemented by blockchain technology, which stores the terms of the contracts of both parties on the blockchain. In the event of an international dispute over smart contracts and blockchains, no special solution has been proposed, such as the enactment of the International Unification Act. The blockchain platform which operates smart contracts is decentralized and operates through distributed nodes around the world without central servers, making it difficult to establish jurisdiction and governing laws. As an alternative to traditional dispute-solving methods, a new mediation model-smart arbitration-is being attempted. The arbitration process is likely to be a preferred means of resolving disputes over smart contracts in practice. There are many problems, such as the fairness of the arbitration center on the selection and judgment of arbitrators, the question of securing reliability, the question of the validity of the arbitration agreement, and how much the court can be involved in the case. Preparations at the national level, such as fostering blockchains and smart contract experts, and overhauling the legal system, are needed.

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