When it comes to conflicts, we often get confused to which kind of resolution we must embrace. We find ourselves wandering to friends, legal advisors, family, and whatnot. Sometimes our conflicts are excessively complex, and we are overly exhausted considering we are unable to discover the relevant arbitrary. That being said, with the rapid expansion of Blockchain technology, the world has been witnessing an amazing vibe. The decentralization of Blockchain has solved many of our daily lives’ problems. One fine example is Kleros , a virtual decentralized project focused on remotely solving all of your disputes.
INTRODUCTION
Kleros calls itself The Blockchain Dispute Resolution Layer. It is an innovative way of bringing justice to the society at the excessively affordable cost with the help of Blockchain Technology. It is the replacement of our traditional court system, which is not always instantly accessible, and even if it is then it costs considerable amount of money.
One of the use case of Kleros could be your hiring of freelancer for one of your tasks, and you eventually discover that the work is not according to your demands or the quality does not fit your standards. At this time, you both can appeal to Kleros and with the help of their crowdsource technology, both of you can find the possible resolution conveniently. The decision will be imposed by the smart contract in favor of either of the party.
Kleros WILL CHANGE THE WAY INDIVIDUALS AND BUSINESSES DEAL WITH DISPUTES
Kleros is an effective resolution for all types of disputes arising among individuals or businesses. The project offers a deep insight on why every individual and business should consider a virtual arbitrator before initiating an agreement, B2B Partnership, limited contract etc.
There are numerous benefits of using Kleros as your virtual arbitrator. Some of the benefits can change the way how we deal with conflicts.
Quick and Cheap Resolutions
The individuals and businesses will be able to avail cheap and quick resolutions. Otherwise, it requires plenty of money and excessive days to arbitrate your case in traditional hearings. The introduction of Kleros will certainly modify how we deal with disputes.
Disputes in the Recruitment Process
The recruitment is the process of hiring potential employees to an organization. There are times when HR executives are confused among applications to which one to choose since all of them contains similar skills and extraordinary experiences. The executives know that the decision-making at this time is going to affect their organization in the relevant department. So, in order to make their recruitment process more efficient, Kleros can be utilized during the recruitment process. The crowdsourcing technology will help organizations determine which employee could be the best choice among others.
Unbiased Decision-making Process
Kleros will help change the biased and favorable decision-making process into neutral and unbiased process. Without Kleros , there are more chances of biased and prejudice decision-making that may eventually lead to endless disputes and conflicts.Therefore, in order to avoid favoritism in the resolution of disputes, whether among individuals or businesses, Kleros would be the best choice.
TYPES OF DISPUTES THAT CAN BE RESOLVED THROUGH Kleros
There are numerous disputes that Kleros can help resolve through Blockchain.
Family Disputes
The property disputes are highly prevalent in our society. Sometimes these disputes result in criminal activities as well, so it is better arbitrate the family issues through virtual arbitrator. Which will also help families to avoid traditional court system.
Defamation Disputes
The defamation disputes are no less. Every now and then, we observe people defaming each other over controversial issues. If these cases are brought in the traditional court, it takes too much before passing any resolution, and additionally the fees charged is very high. Therefore, in defamation disputes, the Kleros fits very well and can effectively provide the resolution in less fees and time.
Partnership Disputes
One often finds himself in dispute when his decisions are taken lightly by his partner. This significantly affects the values of partnership and might result in ending of a business relation.
Prior to signing a partnership agreement, both the parties should use the Kleros system, as it will help arbitrate the disputes in timely manner and might as well save the business relation after a neutral judgement.
Business-to-Business Disputes
The B2B disputes mostly arise when either of the partners is negatively affected. Since it is a digital era and most of the business are working online, it is very convenient and cheaper for them to use smart contract system of Kleros in order to find a possible resolution for future conflicts.
KlerosHELP REDUCE THE COSTS ASSOCIATED WITH DISPUTE RESOLUTION
The conventional methods to resolve disputes require a large sum of fee to be submitted before the traditional court. However, if the case is introduced in the Kleros , the fees will be comparatively lower and the time-period will be less.
Where does the fees go?
“In order to compensate jurors for their work and avoid an attacker from spamming the system, creating disputes and appealing requires arbitration fees.”
Therefore, the low-cost of arbitration will also effectively help businesses in their long-term objectives.
HOW CAN THIS BENEFIT SMALL BUSINESSES?
Allegations of discrimination, unlawful termination, sexual abuse, and pay infringement are commonplace and might turn into hindrances for small businesses. Even if the allegations are invalid, they may still affect the team spirit, which could lead to extra disappointment. However, if the allegations are found true, the companies will have to bear costly litigation.
Resolving all these claims in a timely manner is very significant, and the cheapest way to do it is through Kleros . Unlike traditional hearings, Kleros does not charge much money and provides the resolution in the less possible time. The resolutions provided are crowdsourced and cannot be reversed.
Kleros BENEFIT LARGE CORPORATIONS WHO DEAL WITH MANY DISPUTES
Kleros can help numerous large corporations in resolving their daily disputes. For instances, a freelancing website Fiverr is unable to handle disputes effectively. If a buyer orders for a service and in turn, he gets the low quality service, Fiverr refuses to help the buyer and rather, suggest the buyer to review the gig.
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If Fiverr opts for Kleros , many disputes can be easily resolved without having to hire additional employees for dispute support. The smart contract system will help both buyers and sellers in the best possible way, the corporation will turn into more trustworthy.
HOW DOES Kleros ENSURE FAIRNESS THROUGH ITS INCENTIVIZATION SYSTEM?
The fairness in judgement is all what matters. The incentivization system of Kleros ensures impartial decision-making through Blockchain technology.
At Kleros , the jurors are required to regulate the disputes in order to earn reconciliation fees. No juror could exploit his power of judging because if his/her resolution is found be incoherent, the token fees will be deducted and will likewise be transferred to coherent jurors. Kleros assumes a jury member voted coherently if it voted for the option chosen by the majority.
PROCESS
WHAT ARE SOME GOOD USE CASES?
Arbitration
“A freelance job is contracted between two people working cross-continent. The service is not rendered to a satisfactory standard and a jury of experts analyze the evidence, vote, and find a verdict.”
Social Media
“An unpleasant comment posted in a decentralized social media platform is deemed to have broken terms and conditions. Kleros jurors rule to deduct reputation points from the user”
Gaming
“Online gaming is a growing market with superstar players. Professionals will require a highly skilled group of jurors to arbitrate disputes and for the provision of safe spaces to play in”
Crowdfunding
“A startup backed by crowdfunders never materializes a viable product. The funds have been locked in a smart contract escrow adjudicated by Kleros jurors and are returned to the investors”
E-Commerce
“A product purchased online does not meet the advertised standard. Kleros adjudicates in favor of the buyer and a smart contract returns the funds”
Oracles
“Did it rain in Ulaanbaatar today?” An oracle bridges the gap between the outside world and Blockchain allowing smart contracts to use real world data in their outcomes”
THE TEAM
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Please note that all images are gotten from Kleros materials unless stated other wise.
This is an @originalworks organized contest sponsored by Kleros & written by @flash07. For more information about the contest Click Here.
Here is my twitter entry :
https://twitter.com/dhairyaganatra7/status/1031998801777573888
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