Kleros: An aggregate marketplace for smart contracts in the legal industry

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Every society has legal system which is an integral part that keeps law and order

Every country around the world has its set of laws that must be followed by citizens. Lawbreakers and transgressors are punished. However, legal system is deeper and does a lot more than only solve criminal offences. In fact, a huge portion of legal activities revolves around resolving civil disputes. Criminal offense usually involve an infraction against the laid law, of the society, however, civil transgressions involve disputes between parties to agreements, that can be either individuals or corporate organisations.

There are basically two methods of resolving legal issues. There is one which involves the court — litigation. While arbitration is a legal dispute resolution method that is done outside the court.

Arbitration is a very common method of resolving disagreements, breaches and contract disputes. Certainly, the court can resolve such disputes, but it is rather expensive and time-consuming to engage the court; thus, both individuals and companies very much prefer to use a different method, either directly or through lawyers, to escape court fees. Meanwhile, even as arbitration may be faster than litigation, it can still be expensive if lawyers are used. Overall, solving contract disagreements can be expensive.

Blockchain technology eliminates the huge cost

A new blockchain project called Kleros, cuts the cost of of resolving legal disputes by building a platform for mutual-based resolutions on the blockchain.

The major aim of Kleros project is to offer legal smart contracts that holds the terms and funds involved in any contract deal. Once the terms agreed by the parties to the contract are met, the funds are released according to the terms and conditions that were inserted in the smart contract at the beginning of the agreement

While the fundamental advantage blockchain technology is to provide a decentralized digital ledger that is completely unalterable, the upgraded generation of blockchains that offer smart contracts makes way for a lot more possibilities within the blockchain sphere.

For blockchain technology and smart contracts to attain daily utility, the two technologies must be accessible for use to the general masses. Kleros project is focused on actualising the usage of smart contracts for dispute resolution, and it is making the underlying contracts accessible to the public.

Kleros is building a marketplace for smart contracts

Kleros is a decentralized dispute resolution protocol which allows anyone to use smart contracts as escrows that solve conflicts. However, as Kleros intends to integrate its technology into legal cases that involve physical world, all legal conflicts can not be solved by smart contracts. Therefore Kleros's decentralized platform introduces a network which operate as jurors that decides on which part, or a member of a dispute genuinely deserve settlement within the contract.

Therefore, Kleros's value offering extends far beyond providing a protocol and network of jurors.

Kleros has also designed a marketplace for the smart contracts that can be used as basis or templates for settlement of dispute involving everyday people and small/medium businesses.

Conclusion

Kleros emerges as a big disruptive force in the legal Industry. The project integrates the best features of blockchain technology with the traditional legal system we are used to. The project posses the required team organisation and experience to deliver on their proposition. Follow the links below to learn more about Kleros

Essential Kleros Links

Web: https://kleros.io/id
Telegram: https://t.me/kleros
Twitter: https://twitter.com/Kleros_io
Blog: https://blog.kleros.io/
Medium: https://medium.com/kleros

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