The Dubai International Financial Centre (DIFC) and Smart Dubai Courts have teamed up to explore how blockchain-based technology can possibly bring an improvement in the judicial system. According to reports, the two entities are planning to come up with the first “Court of the Blockchain” in the world.
DIFC & Smart Dubai to bring transformation in legal ecosystem
Under this project, the organizations backed by the government will try to find solutions on how the process of verification can be improved in the court judgments for enforcing cross-border payments. Both Smart Dubai and DIFC expect this new blockchain project to bring a transformation in the judicial system and for that, it is planning to eliminate the document duplications and introduce streamlining of all the processes within the legal ecosystem.
The main aim behind this venture is to introduce a blockchain-powered judiciary that will spearhead the research regarding how to solve the disputes that arise in both public as well as private blockchains. The project will work on refining the current smart contract systems to make sure that the disputes are resolved quickly. At present, it is not possible to reverse the smart contract transactions based on Distributed Ledger Technology (DLT).
Research to work on developing smart contracts with logic
As per a report, the research will focus on developing smart contracts incorporating logic that will also allow conditions and exceptions at various levels. If it happens, the irrevocability of the transactions powered by smart contract will be mitigated and a seamless and efficient resolution of the dispute will become possible. According to the director general of Smart Dubai Office, Dr. Aisha bint Butti Bin Bishr, “An invention of this caliber and potential requires an equally disruptive set of rules and an empowered institution to uphold them. This is where our partnership with DIFC Courts comes in.”
Dr. Aisha further added that the new project is planning to run the entire applicable government transactions on the platform of blockchain by 2020. In its statement, the DIFC Court stated that the future research of the project will combine resources and expertise for handling and investigating disputes and the contractual terms and regulations will be encoded in the smart contract.