Introduction

The world today is experiencing two major phenomena at a very fast pace, globalization and digitalization, an increasing number of transactions are taking place online between people across jurisdictional boundaries, if blockchain technology becomes a solid reality in the not too distant future, most goods, labor and capital will be allocated through the use of centralized platforms, conflicts are likely to occur. Problems will occur such as that the goods are not matching the images shown, or that the promised service was not satisfactory.

For these problems, smart contracts are not enough because they cannot make subjective judgments or include elements that are outside the blockchain, current conflict resolution technologies are too expensive, too time-consuming and unreliable for a decentralized global economy that operates in real time. A fast, cost-effective, reliable, transparent and decentralized problem-solving mechanism that executes final judgments on smart contract compliance is a necessary platform for the new blockchain era.

Kleros Resolution Mechanism

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Kleros is a decentralized platform that through a decision protocol for a multipurpose track system is able to resolve any kind of disputes, is an autonomous platform based on the Ethereum blockchain that functions as a decentralized third party to arbitrate disputes in all types of contracts, from the simplest to the most complex, each step during the process is automated.

Depending on the type of dispute the parties have, Kleros will have an available jury that is specialized in the field where the problem lies, making the system reliable and secure, to encourage juries to deliver a good verdict, Kleros rewards juries with tokens if their vote is consistent with that of most juries, while if the jury is not competent its level of reputation will fall and lose tokens.

Benefits of Kleros

High Level of Transparency: Kleros' decentralized system is designed to be completely transparent, so that fraud and dubious verdicts can be avoided.
Privacy Assurance: Kleros provides users with the assurance that only the jury and the parties involved will have information about the dispute.
Jury Rewards: Kleros encourages jurors to reward them for their good work, thus ensuring the quality of their decisions.
Possibility of Appeal: in the event that a decision is issued during a case and one of the parties is not satisfied with the decision, they have the right to appeal and the dispute is resolved again. When an appeal is made, the number of jurors will be double plus one to ensure a better solution.
Specialized Jury: Kleros contains a large network of juries that are specialized in different areas so that at the time of a dispute a group of juries is randomly selected that are specialized in the subject to guarantee the decision.

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TEAM

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Conclusion

Kleros is an incredible platform that protects both parties involved in a contract from undue violations, it is a very innovative platform that especially protects micro-enterprises and self-employed workers within the blockchain ecosystem, this will create a trusting working environment as they will feel supported by an incorruptible and efficient system when problems arise. Kleros also benefits large corporations that receive hundreds of daily complaints about its services, the Kleros platform will help save a lot of time and money as it will resolve disputes in record time compared to using conventional lawsuits where it can take months to reach a verdict.

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Kleros: Innovative Dispute Resolution Mechanism