Online Dispute Resolution for Smart Contracts

Abstract

Smart contracts built in the blockchain are quietly revolutionizing traditional transactions despite their questionable status under current law. At the same time, disputes regarding smart contracts are inevitable, and parties will need means for dealing with smart contract issues. This Article tackles this challenge, and proposes that parties turn to online dispute resolution (“ODR”) to efficiently and fairly resolve smart contract disputes. Furthermore, the Article acknowledges the benefits and challenges of current blockchain ODR start-ups, and proposes specific ideas for how designers could address those challenges and incorporate ODR to provide just resolutions that will not stymie efficiencies of smart contracts. Nonetheless, the Article also raises pivotal cautions and questions for ensuring the fairness and transparency of these solutions over the longer term.

Keywords: dispute resolution, online dispute resolution, online, dispute, resolution, blockchain, cryptocurrencies, smart contracts, technology, AI, bots