JAMS introduces the practice of legal arbitration in Crypto

[Paha87]

The JAMS group, which deals with alternative dispute resolution, is trying to get ahead of the demand curve by starting a practice that specifically focuses on issues related to cryptocurrencies, blockchain and smart contracts.

The revision of the practice of law
JAMS, the largest private provider of mediation and arbitration services worldwide, announced the launch of its new practice "Smart contracts, Blockchain and Cryptocurrency" in a press release on PRNewswire.

According to the company, this practice will be the first of its kind among institutional dispute resolution providers and will focus on creating protocols that support the use of alternative dispute resolution (ADR) arising from blockchain transactions, including the use of smart contracts.

Chris Poole, President and chief Executive officer of JAMS, said:

Blockchain technology has created new opportunities for our customers, and new challenges and risks arise with these opportunities. With this new proposal, executives and attorneys will have the guidance and support they need as they explore the benefits of blockchain technology empirically.

The company stated that their newly developed protocols are the product of extensive collaboration with world-class certified blockchain engineers and leading industry lawyers.

Daniel Harry, a certified blockchain specialist from the EU Council and business Manager at JAMS, oversaw the project and called the protocols a "thoughtful and comprehensive" guide to blockchain-related ADR. Harry said:

JAMS saw the development of these rules and regulations as an absolute necessity in industries that use blockchain technology and smart contracts. This is a new way of doing business, and disputes arising from smart contracts should be governed by protocols that are equally advanced and capable of solving the difficulties introduced.

Future JAMS
However, the JAMS press release, which reports on the group of practitioners, did not provide any details on how these protocols would work and how they would be implemented.

However, Harry told the Recorder that the group is "in talks with several corporate players who are evaluating the company's practices."



JAM's senior Vice President and chief legal and operations officer Kimberly Taylor also mentioned several "behind-the-scenes" conversations that have already taken place to develop protocols applied across industries.

Taylor said that the focus of JAMS ' efforts in arbitration is solving problems with irrefutable data points that are fixed on the blockchain. "The expectations of the parties regarding the terms will be much stricter than commercial arbitration," she added.

Although JAMS is probably the only registered ADR group with a practice area that focuses on blockchain-related disputes, the technology itself has also been used on other platforms.

Jury.Online is currently working on a Protocol of interaction between judges and parties, while the Juris project already has a similar mechanism implemented on their platform.

Link to information resource - https://www.jamsadr.com/news/2018/jams-launches-smart-contracts-blockchain-and-cryptocurrencies-practice

[OKI AL AZIZ]

Cryptocurrency is a technology to make digital currency. This technology uses cryptography for security which makes it unable to be falsified. The price value of cryptocurrency is largely determined by the buy and sell power of the users of this technology.