BLOCKCHAIN ARBITRATION AND SMART CONTRACTS IN INDIA
Sayanika Dey & Sneha Chatterjee, Amity University, Kolkata.
Abstract
One of the new developments in the age of technology is Blockchain Technology. Technology has the power to modify the perspective on how things are done so far and all the orthodox strategies that our human brain is used to. In simple words, like any other technological development, Blockchain is created to reduce the effort of a person and increase the role of technology to increase productivity for the task concerned. In technological world smart contracts have gained a lot of popularity and acknowledgment. In the field of law, the influence of innovations is rising at a mind-blowing pace which is increasing day by day. Although blockchain technology has been one of the most talked about developments in technology in recent years, its effect on legal processes remains to be mysterious. This article details about the blockchain and smart contracts and their usage in arbitration. In this article the difference between traditional and smart contracts are summarised. It also explores the Indian scenario and stand on smart contracts.
