Arbitral Institution powered by Arbiter DAO, to make dispute resolution decentralised
International Arbitration is the most used ADR mechanism for cross-border commercial disputes. The effective way to facilitate it is via institutional arbitration. Institutional arbitration as a means of resolution is popular in the web3 and web2 world (just check the T&S of most websites). This is because institutions make arbitration smoother, and easier.
However, they come at a cost. It is so expensive, that there have been instances of court refusing parties to arbitrate, because one party to it can't afford it (re: Canadian SC refused arbitration clause in the contract between Uber and its employ from being invoked, due to the high cost).
Arbitration can be automated, and optimised, using smart contracts. As is being done by many blockchain platforms. To a certain extent, they eliminate the need for institutional arbitration. But there may features, like tiered resolution, decision review, etc. which institution provide, that these blockchain mechanisms cannot provide.
We have built the first arbitral institution on blockchain powered by DAO, where the functions of a conventional institution will be collectively undertaken by a DAO.
Additionally, this is the first platform to facilitate tiered resolution where, parties have the option to amicably resolve dispute prior arbitration, via negotiation and mediation, through web3 media service Huddle01. The security of recording sessions on decentralised storage make it more effective.
The DAO will be responsible for new arbiter approvals, decision reviews, appeals etc.
increasing the scope of on-chain arbitration by creating a DAO controlled arbitral institution, for truly decentralised, affordable and accessible dispute resolution. The arbiter DAO will decide which persons are truly eligible to adjudicate disputes. The arbiter DAO will decide which persons are truly eligible to adjudicate disputes.
We built the DAO smart contract on FVM. Only arbiters on the platform, who have the special token, will be able to vote on DAO proposals and participate in dispute resolution.
Additionally, we used Huddle 01 to facilitate face-to-face dispute resolution.
Our UX designer, researched on the best way to provide a seamless experience for the user and built the wireframe on figma.