Specifically, Hitoshi Matsushima and Shunya Noda, 2 professors at the University of Tokyo and the University of British Columbia respectively, are reportedly in charge of the project – particularly designed to bring an end, that does not require any “costly legal process”, to legal battles.
Per the announcement, the University of Tokyo claimed that the initiative is a development of previously discussed ideas, for smart contracts that can function at the absence of a centralized administration.
The University reportedly revealed that the most major advantage this system brings to the table is the majority of phases can be finalized off the blockchain network – which will serve as a safekeeping space for datas of all sides taking part in the legal battles.
“On suspected violation of some agreement, those involved post their opinions to this digital court. The court algorithmically aggregates the parties’ opinions and judges who violated their agreement. If the digital court judges that a party violated the agreement, the party is fined by withholding a deposit made during the initial agreement.” Prof. Matsushima further remarked.
There is, however, a few negative feedbacks concerning this new project, mainly because of its decentralized nature.
“Blockchains in some ways are a double-edged sword. But this kind of system signals the dawn of a new economic paradigm that must be embraced and explored rather than feared and ignored.” Matsushima provided his response to the feedbacks.