Dispute Resolution Mechanism for Smart Contracts

Disputes regarding smart contracts are inevitable, and parties will need means for dealing with smart contract issues. This article highlights the need for dispute resolution mechanisms for smart contracts. The author provides analysis of the possible mechanisms to solve disputes arising from smart contracts, namely dispute resolution by traditional arbitration institutions and blockchain arbitration. Article acknowledges the benefits and challenges of both mechanisms. In the light of this, the author concludes about instituting a hybrid approach aimed at resolving disputes that will not stymie efficiencies of smart contracts.