International Commercial Arbitration and Blockchain Technology. A Synergy?

Academic Paper from the year 2018 in the subject Law - Miscellaneous, grade: A, , course: MASTER OF LAWS IN OIL AND GAS, language: English, abstract: New technologies refer to the ground breaking innovations that strive to improve the human life by attempting to make it easier for humans to execute tasks. They are brought to life by the ever questioning minds of the technologically savvy generation of the time. They include the emergence artificial technologies, big data, blockchain, machine learning, and text-mining, to mention but a few. My interest in this paper, however, is investigating how the ever dynamic ground breaking 'blockchain' technological trend is likely to impact on the international commercial arbitrations. In the process of answering this, I will venture into explaining the concept of international commercial arbitration, elucidate on what block-chain technologies are, and at the end dissertate on how international commercial arbitration is affected, either negatively or positively, by 'blockchain' technology.