Almost recently published Digital Dispute Resolution Rules by the UK aims at solving legal disputes effectively. And it primarily relates digital technology to support faster solutions.
“Difficulty in resolving disputes on digital technology keeps rising” (Source – The Bitcoin Desk)
UK Jurisdiction of Taskforce of LawTechUK explicitly published the designed rules. The publication exclusively facilitates acceptable, fast, inexpensive resolution of specified disputes.
It drafts extensive public-private consultation to involve the interested parties. Proficient lawyers, financial services, technical experts & commercial startups – its consideration includes almost everyone.
The government-backed agency hopes to encourage business confidence with the new rules.
“UKJT hopes to help the concerned community with the new rules” (Credit – Traders Bible)
The application of digitized technology keeps gaining popularity in the modern world. An increasing number of companies are getting involved in the blockchain industry.
Meanwhile, investing corporations are facing different business disputes. There has been almost no viable structure to resolve the legal issues. The occurring problems hamper the business strategy with lengthy, costly & uncertain processes.
One important rule allows the disputing parties to appoint an arbitrator for resolving the issue. And it particularly saves the court processing to settle the subject. The drafted points also provide sufficient flexibility to decide on undeveloped or underdeveloped technology.
Therefore, the proper technical expertise of the appointed arbitrator can quickly resolve the disputes. It’s sure to help to enable on-chain implementation of resolving or interim decisions.
The UK also remains at the forefront to develop legal infrastructure to support the evolving technology. And the English law keeps thinking about further improvement to emphasize its growth.
It already published “Legal Statement on the Status of Smart Contracts & Crypto-Assets” in 2019. Likewise, the rules stand valid under England & Wales law. The statement defined a noteworthy step to ensure legal certainty of crypto-assets & blockchain.
A close watch on the rules’ utilization by UKJT should judge the regulation’s viability. And it aims at further inclusion, deduction, or revision to possess value in the coming years.