The practice provides new protocols for resolving disputes arising from blockchain transactions and smart contracts.
JAMS, the largest private provider of mediation and arbitration services worldwide, is pleased to announce the launch of its Smart Contracts, Blockchain and Cryptocurrencies practice, the first of its kind among institutional ADR providers. The practice is focused on creating protocols that support the use of ADR in disputes arising from blockchain transactions, including smart contracts.
“Blockchain technology has created new opportunities for our clients, and with those opportunities, come new challenges and risks. Through this new offering, executives and attorneys will have the guidance and support they need as they explore the benefits of blockchain technology,” said Chris Poole, JAMS president and chief executive officer.
Advancements in blockchain technology and the rapid adoption across industries have changed the fundamental ways contracts are created and enforced, with many companies turning to smart contracts, or coded, self-executing agreements hosted on a blockchain. Smart contracts are gaining popularity for their effectiveness in streamlining business processes, making ADR the natural choice for resolving blockchain and smart contract disputes.
A member of the Accord Project, an industry leader in open source technology and specifications for smart legal contracts, JAMS is dedicated to advancing the use of smart contracts across industries and providing guidance to users. Owing to the nature of how smart contracts are executed, JAMS identified the need for rules and clauses developed specifically for disputes arising from smart contract transactions and is collaborating with the Accord Project to develop a common implementation for such rules and clauses across distributed ledgers.
With guidance from JAMS neutral Daniel Garrie, an attorney who holds the distinction of being a Certified Blockchain Professional from the EC-Council, the newly drafted protocols are a product of extensive collaboration with world-class certified blockchain engineers and industry-leading attorneys. Through their expert feedback and commentary, the protocols are a thoughtful and comprehensive guide to ADR in blockchain-related disputes.
“JAMS saw the development of these rules and clauses as an absolute necessity to industries that are adopting blockchain technology and smart contracts,” said Mr. Garrie. “This is a new means of conducting business, and the disputes that arise from smart contracts must be governed by protocols that are equally as advanced and able to address the complexities introduced. We want to help businesses by providing tools they need to fully utilize what the blockchain can offer them while taking into consideration the challenges any emerging technology brings with it.”