ARTIFICIAL INTELLIGENCE AND ITS ROLE IN THE DEVELOPMENT OF THE FUTURE OF ARBITRATION

Abstract

AI has proven to be a powerful tool in various fields, and its integration into arbitration is highly anticipated due to its potential to improve efficiency, accuracy, and objectivity. This paper aimed to analyze how AI can help streamline arbitration, reduce costs, ensure faster dispute resolution, and improve accessibility. By using machine learning algorithms and natural language processing techniques, AI systems can analyze large volumes of legal text, extract relevant information, recognize patterns, and predict case outcomes. In addition, AI-driven chatbots could provide users with instant support and assistance in navigating the complex arbitration process. However, ethical considerations such as privacy and bias must be taken into account to ensure that AI does not compromise fairness or jeopardize confidentiality in arbitration proceedings. The article concludes with an examination of the transformative impact that artificial intelligence will have on the future of arbitration and emphasizes the needfor continued research and collaboration to realize its full potential while preserving the integrity of arbitration practice.