Jur — A legal blockchain solution designed to simplify, optimize and automate legal disputes and business transactions on the Internet
INSPER (Institute of Education and Research) course on blockchain taught by Tatiana Revoredo will present Jur as a laudable case of blockchain application in business.
Our CLO Raffaele Battaglini has given the future INSPER’s students a video-speech about Jur.
Take a look!
Moreover, you can read more about Jur in Tatiana’s words, listed below. Let us know what you think about it in the comments section!
Jur explained by Tatiana Revoredo, from the INSPER Institute.
As blockchains store tamper-proof and transparent data, the technology is being used beyond simply keeping records of crypto transactions. — Tatiana Revoredo.
In fact, blockchains allow the transaction of other forms of information and value. Blockchain-based protocols enable additional technologies to process “small computer codes” — what technologists called “smart contracts”.
Would you conduct a business transaction with someone you have never met and therefore do not know or trust?
Would you become an investor in a small business located in a foreign country?
Would you agree to lend money to a stranger, such as a farmer in Bolivia, a teacher in Singapore, or a railroad worker in the UK?
The answer in all the cases mentioned is probably no, as the cost of establishing the legal contract necessary to secure your transaction is very high.
Signing or settling a contract in these situations using an intermediary (a traditional trust validator) requires the payment of substantial fees.
Not to mention the “speed” that business transactions have acquired with the advent of the Internet and the rise of the Digital Economy, or as some prefer Web Economics (a new way of doing business that uses information and technology as facilitators of communication, data transfer and business transactions).
At this stage, the essence of Web Economics is network business models (such as Amazon, eBay, Uber, Apple, among others) that demand a solution for the high speed of business transactions on the Internet, and the high costs involved in formalizing a relationship between people, institutions and assets in a hyperconnected and globalized world.
Smart contracts bring a solution to these problems.
Smart contracts can formalize business relationships on the Internet by automating trust with speed, efficiency and cost savings.
It is in this scenario that Jur emerges. An ecosystem that is designed to cover the entire life cycle of a business transaction, from contract creation to dispute resolution.
Thinking about optimizing business and transactions, as well as reducing time and costs for the parties, the Jur platform simplifies dispute resolution systems.
With an arbitration proceeding in accordance with the New York Convention and the principles of the UNCITRAL Model Law, Jur provides a legally binding mechanism whose decisions will be enforceable before national courts.
United Nations Commission On International Trade Law | United Nations Commission On International…
Vienna International Centre, UN Photo by Mark Garten In an increasingly economically interdependent world, the…
Putting it all online, the Jur blockchain solution has a number of advantages:
- Full automation — through an arbitration process conducted entirely over the Internet;
- Time saving — parties and arbitrators do not need to travel from their respective offices and countries;
- Cost savings — eliminating travel expenses.
- Scope: The system is designed to be globally accessible and legally binding and valid in over 150 countries around the world.
Backed by blockchain technology, Jur’s Court Layer provides a digitized arbitration procedure that can be adopted by arbitration chambers or other entities wishing to establish arbitration centres.
The Court Layer is powered by the JUR token as well as the entire Jur ecosystem.
The choice of the arbitrator (or the arbitrators), in turn, is made randomly, using a blockchain-based algorithm, which allows the parties to audit the selection and check if it happened at random without possible third party intervention.
The Court Layer is very interesting because it brings transparency and impartiality to the procedure.
On the other hand, the Jur platform has also thought of the smoothness of its system, proving to be an anti-fraud platform, as the resilience provided by the blockchain ensures that no one can change the information about the process that is stored along with a hash to confirmation.
There is also a decentralized review mechanism implemented, conducted by arbiters randomly selected from other Arbitration Poles to evaluate provisional drafts of the arbitration report before they become final and binding judgments.
This decentralized review mechanism provides an objective rating / reputation mechanism that assesses the quality of judgments and creates objective competition between different private jurisdictions.
When it comes to applying smart contract technology, on its platform called the Jur Marketplace, users can purchase contract templates or create “Smart Legal Contracts” from scratch in the Jur Editor.
Smart Legal Contracts are the result of combining natural language written contracts with code language smart contract software to automate obligations and performance.
All of these features will be accessible to users through the Jur Platform and are intended to cover and simplify the initial phase of business transactions, i.e. the creation of contracts.
Finally, Jur is made up of a top-tier team, which is detailed in the Appendix to the White Paper entitled ‘Jur People’, such as CEO Alessandro Palombo (Ph.D. in Administrative Law and Master’s Degree in Global Regulation of Markets), CLO Raffaele Battaglini (attorney, qualified to practice law in Italy, co-organizer of Legal Hackers Torino, founder of Battaglini-De Sabato Law Firm), and Blockchain Architect Adam Dossa (free of charge from Oxford University, with a math degree, and worked with blockchain organizations including Polimath, Aragon, Specter.io and many others).
In this context, Jur’s blockchain solution is an example of Business Strategy, which is well suited to the high speed of business transactions on the Internet, and reduces the high costs involved in the entire life cycle of a business transaction, from contract creation until dispute resolution. — Concludes Tatiana Revoredo.
More about the author:
Tatiana is a Blockchain Strategist by the University of Oxford, and by MIT. Cyber-Risk Mitigation Specialist by Harvard University. Liaison at European Law Observatory on New Technologies. Invited by the European Parliament to the Intercontinental Blockchain Conference. Founding Member of Oxford Blockchain Foundation. Blockchain Teacher @ Insper & Nextlaw Academy.
INSPER (Institute of Education and Research) is a globally-ranked school of business, economics, and engineering in Latin America, located in São Paulo, Brazil.
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