Viability of the implementation of cybercourts in arbitration processes

Viabilidad de la implementación de cibertribunales en los procesos de arbitraje

In the legal field, the past pandemic brought an unprecedented change for legal practitioners, since it required of a traditional discipline to reinvent itself by turning to technological advances. Such a relationship is seen in platforms like Kleros, which are digital arbitration courts operating with smart contracts. This research work aimed to show how smart contracts work in arbitration proceedings. Additionally, a way for smart contracts to be applied in arbitration proceedings within the Colombian regulatory framework is put forward, and the pros and cons arising from the use of smart contracts are outlined. To conclude, the feasibility of crypto arbitration courts is analyzed. This research followed a theoretical qualitative approach, which was developed by an analytic-synthetic method, which led to conclude that crypto courts are an alternative way, being a decentralized and arbitrary justice where the human factor is absent. Blockchain technology is responsible for carrying out partial fair execution, denoting how objectivity has been personified. Therefore, it is essential to use crypto courts that ensure cybersecurity, objectivity, and dependability.