The UK Jurisdiction Taskforce has published rules to help facilitate quick resolution of disputes involving blockchain, crypto-assets and fintech applications. The new rules are a welcome step forward to further facilitate the increased adoption of these technologies.
The rules allow for disputes to be referred to an arbitrator rather than going through the courts.
The ability to have a quicker and more cost efficient route for resolution will be appealing to many with an option for both parties to remain anonymous.
With Government backed initiatives such as this promoting the use of smart contracts it will be interesting to see whether this gives reassurance to the industry with a resulting increase in the uptake of smart contracts as a whole.
The purpose of these rules is to facilitate the rapid and cost-effective resolution of commercial disputes, particularly those involving novel digital technology such as cryptoassets, cryptocurrency, smart contracts, distributed ledger technology, and fintech applications.