Blockchain newcomer JUR has developed a platform to bring better dispute resolution to local and global business transactions through smart contracts. Their blockchain based smart contract solution addresses problems within the existing legal dispute resolution system.
Smart contracts were conceptualized several years before the first blockchain was ever even built. They were designed as a permanent, transparent, and irreversible way to execute an agreement or contract – without the participation of a trusted third party.
Smart contract creator and decentralization pioneer Nick Szabo has described one of the purposes of smart contracts as minimizing the need for trusted intermediaries. In fact, he has also suggested that no third party is reliable. Speaking at the Synchronize 2018 in New York City, Szabo stated “The traditional banking model is ‘we trust us, why don’t you trust us?'” His original and continuing premise behind smart contracts was to use the immutable database within blockchain technology to manage legal contracts on all levels.