The advent of the 21st century ushered in new dimensions to human endeavors. All thanks to the digital world and the internet, a lot of small businesses and set ups have emerged and are all thriving to find relevance in the large sphere of opportunities available on the internet. Adding the beautiful world of cryptocurrency to the list and we have an amazing set of tools that help us manage a lot of things in our life. Ranging from personal to business.
Freelance jobs, small contract gigs, over-the-internet transactions are all over and everyone is thriving to make a cut. At one time or the other, we are either shopping for something online or looking for someone to offer our services to – it all boils down to the internet being the central marketplace!
One thing peculiar with human interactions and business is the fact that at one time or the other, disputes may arise. This could be due to a breach in contract by one party or as a result of one party not completing the terms noted. Sincerely speaking, the list of possible reasons for which disputes may arise is endless.
Now the question is; how can small business on the internet manage disputes without going bankrupt? Imagine a dispute on a freelance job worth $50. It is quite unrealistic to go into a law suit for a breach in contract simply because it would cost more to pursue the case than if the individual decides to forgo the loss. Either way, he still ends up losing some money.
Heart breaking as it may sound, it is the bitter truth of what happens in the business sphere. If the client is unable to pursue a case and there is no legal binding to the contract, the best he can do is walk away and hope the next contract will be fair
What if there is a platform where small businesses (and also large ones) can get a “fair hearing” in the cases of a dispute at very affordable rates? Well, the good news is, NOW THERE IS!
Introducing Kleros!
In order to make legal services available to citizens of a state (and also to help fast track the trying of offenders) some states have the “mobile court” which as the name implies is a court on wheels that is aimed at providing the events of a court proceeding at the doorstep of the citizens.
Likewise, Kleros is a platform that aims at providing the dispute resolution services that used to be such a luxury to some small businesses or individuals to their doorstep or literarily – their devices!
Kleros connects users who need to solve disputes with jurors who have the skills to fairly settle them.
Just like the mobile courts in our streets, Kleros offers dispute resolution and settlement in the easiest and affordable way ever. Based on blockchain technology, transparency is paramount in the jury selection process.
Our resolution layer uses blockchain technology and crowdsourced jurors to adjudicate disputes in a fast, secure, and affordable manner.
Sweet and soothing isn’t it?
Now, small business owners have one less thing to worry about when it comes to contracts and disputes that may arise when performing a transaction or entering into a deal.
How does it work?
Quite easy, at the beginning of the contract the two parties agree to resolve any issues that may arise using the Kleros platform (more of like agreeing to settle a dispute in the mobile court). If eventually, one party breaches the contract, the other party can proceed to the Kleros court and register his claim with evidences and the jury would take a look at the case and pass their judgment. There are several aspects where the Kleros courts can resolve disputes, they are known as “subcourts” and that is in a bid to further simplify the dispute resolution process.
With Kleros, the burden of high legal fees for dispute resolution and also the barrier of distance is eliminated. Two people or startups in different parts of the world can enter into a contract without bothering about the loss they may incur if one party decides to breach. With Kleros, there is a sure platform for resolving disputes.
There is a wide range of disputes that can be resolved and managed on the Kleros platform. Ranging from escrow, microtasking, insurance, oracle, curated lists and social networks amongst others.
With a platform such as the internet and blockchain technology, it is way easier to create and make transactions with different people all over the world. Also, as a result, the funds in question may be as large as a Billion dollars or as little as a few cents. All in all, these transactions have to be done in the best and most transparent way possible. With Kleros, resolving disputes involving small amounts of money (which would not be advisable to pursue a legal suit on because of the fees that would be incurred) has gotten easier and more affordable as the fees are factored in when creating the contract on Kleros.
As a result of this, small businesses have an edge as they can peacefully go into transactions without the fear of being at a loss in the case of a contract breach or whatsoever. Rest assured, they have a central court in the central market place. Large companies likewise have the opportunity to save costs on legal matters as they can gracefully go into contracts with the least possible legal fees – how about saving a few more bucks!
At Kleros, the transaction is bound in a smart contract which would involve the parties choose the number of jurors, the category the contract falls into and the options that would suffice in the case of a dispute.
One might want to wonder how the jury can be as efficient and fair in the dispute settlement process. Well, the incentivization system of Kleros helps to ensure that each juror to rule honestly in every case so as to ensure that they continue to be a juror and to also ensure their earnings. If they do not rule correctly, they lose some of their tokens.
They are incentivized to rule honestly because, after a dispute is over, jurors whose vote is not coherent with the group will lose some tokens which will be given to coherent jurors.
Lets look at some examples of how Kleros is a solution
A freelancer does a gig for another person but does not deliver a the stipulated time stated in the contract, the dispute case is opened and the jury uses the evidences presented to vote the best form of compensation for the other party involved.
A software developer begins a project with a business owner and pulls out right uin the middle of the project. Presenting the dispute and evidences to the Kleros Jury, the business owner can get a resolution as to how much should and shouldn’t be paid to the developer.
In conclusion, the Kleros platform aims at bringing the courtroom closer to us in a simpler more affordable way. The blockchain technology has brought so many good things to us and the Kleros platform for dispute resolution is not different. Now, small businesses and individuals can make transactions and deals on the internet and the blockchain without fear of losing funds to a contract breach.
All you need do is create a smart contract on the Kleros platform, select the number of jurors, the category of contract and the outcomes possible. Having done that, there is the assurance that whenever a dispute arises, there is a set of jurors that would handle the issue and pass on the correct verdict based on the conditions.
To learn more about the Kleros platform, here are useful links
Website | Whitepaper | Medium | Youtube | Telegram | Twitter | Github | Forums
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