An article in The Artificial Lawyer reports that Reuters Thomson has invited Kleros, a blockchain-based legal arbitration platform, to participate in its incubator program. The Kleros platform, described by its developers as “The dispute resolution layer for virtually everything,” facilitates the resolution of disputes arising from smart contracts anywhere in the world. In a white paper, it describes its function as “bringing justice to the unjusticed.”
When Kleros is up and running, parties to a smart contract will be able to choose the platform as their resolution protocol should a dispute arise. In that eventuality, the Kleros platform will facilitate the self-selection of jurors to assess and vote on the dispute, and the payment will be either returned to the contractee or paid to the contractor depending on the outcome. The platform uses game theory to assess the value of the contribution of each juror, and either rewards or penalizes them.
The Artificial Lawyer article is thorough and concise, and well worth reading. The following video provides more information on the Kleros platform itself, including how jurors are selected and paid:
The Artificial Lawyer describes the Kleros function as “crowdsourcing justice,” and calls the move by Reuters Thomson “an unusual step for the legal tech and information giant,” and one that “would seem to be an area that will get lawyers talking.”
Has it got you talking? Let me know your thoughts on this or any other matter related to the law, either in the comments below or directly via email.