Its a known fact that when there is a group of people (two or more) there's bound to be disagreements. Its an inevitable aspect of life even between siblings of same blood. This cuts across every aspect of life.
As the world experiences change and global digitalization of finance just like a regular banking hall where you find displeased, angry and raging customers so also in the decentralized platforms we also have disputes between buyers, sellers, investors and users. Now in the regular life we have the court system that centers and settling disputes between two disagreeing parties so also we need a judiciary system in the digital sphere to help solve and manage disputes.
Since transactions are being carried out across different cross cultural boundaries and belief and operational systems varies. Matters are sure to arise. Its a known fact that not everyone will be satisfied with services rendered by a global decentralized platforms. Personally I've had my times too where I had one or two complains with buyers who I've sold to.
Kleros
Kleros is a decentralized dispute resolution platform, built on the ethereum blockchain for the sole purpose of dissolving/resolving disputes associated with any kind of contract. kleros is a third party platform that is designed to solved any form of disputes irrespective of its complexities.
Now someone might ask how is this possible without a Physical court system or how does this works...
well this is simple, kleros is completely automated. No physical manipulations or executions are required as kleros completely relies on game theoretical incentives.
One might say "smart contract are doing this already or there are other platforms working on this" but here's the thing smart contracts can only attend to issues and disputes within the blockchain but kleros works both within and outside the blockchain. Also because it run a decentralized system its free from third party manipulations which makes it ** secure, transparent, unbiased and relatively fast. Yes Fast what slows down judiciary processes is first gathering evidences and selecting jurors which kleros solves this directly by making their automated so no individual has to go through the rigorous process of looking for jurors to judge cases.
Kleros Security / Reliability
kleros keeps funds safe from both parties in disputes until a judgement is passed by the jurors. The juror team consist of a network of judges specialized in judging different cases.
Still Sounds like French? let me expanciate
Now two parties entering a contract have the option of choosing from a variety of options made available by kleros to help secure their contract in case of a surposed breach. This requires them to design kleros as their arbitrators when entering the contract. They have the option of choosing the number of jurors(depending on the area of specialty be it E-commerce, crypto, technology e.t.c), type of court system to rule over the case e.t.c.
Users can be rest assured that the outcome/judgement from the jurors are honest because kleros run an icentivised program that makes sure a juror judgment is in sync with the group if not that juror will loose tokens which will go to the other juror.
This voting system is made to help filterate the good judge from the bad judge to know which juror has a poor judgment. If 1 out of five jurors votes contrary to the others the majority wins the case and it the "1" votes incoherently most of the time it'll be said that that juror has a poor judgment or is incoherent.
Use Case
Gloria is a software developer and she was contacted by an IT company to build a software design for them. They agree to pay Gloria N200,000 and she will be payed twice, 1. one when the first phase of the development is in process and 2. when the software is ready to go. Gloria upon completing the software designs has already collected N100,000 which is half her payment. she requested her full payment upon initiating the software and the company says they need a new design as they are to adopt new features to the software.
Taking them to a regular court will mean that she hires a lawyers and will end up paying far more that the amount she is suing for in court cases, what can Gloria do?
Conclusion
As the world currently faces global digitalization and crypto ecosystem has given users the opportunity to securely control their finances, its pertinent that their is a system in place that helps solve disputes that arise in day to day transactions and smart contracts. Kleroa supports a wide range of applications and large trading companies like eBay, Amazon, e.t.c can adopt and use the kleros system to settle disputes in a secured and fast way. User insurance is guaranteed what good is it entering into a contract without securing your interest? with Kleros you are guaranteed...
Kleros2018