The Dubai International Financial Centre (DIFC) Courts and Smart Dubai are making the first Court of the Blockchain.
They will expand existing dispute resolution services and explore how to aid verification of court judgments for cross-border enforcement.
The plan is to streamline the judicial process, removing document duplications, and driving greater efficiencies across the entire legal ecosystem.
Dubai is a high technology and blockchain leader. The Dubai Blockchain Strategy wants all applicable government transactions on Blockchain by 2020.
Future research will combine expertise and resources to investigate handling disputes arising out of private and public blockchains, with regulation and contractual terms encoded within the smart contract. Currently, blockchain-based smart contract transactions are irrevocable and there is no technical means to unwind a transaction. The joint taskforce will model smart contracts across the blockchain that incorporate logic and allow for various forms of exceptions and conditions for seamless and more efficient dispute resolution.