Kleros: A Resolution Protocol Platform, Providing Solution For Resolving Dispute

davllinc007 (50)in #crypto • 6 years ago (edited)

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Preface

In the business world and even in our ordinary lives we are continually faced with misunderstanding most often resulting into a dispute on a daily basis which are as a result of one issue or the other that might be unforeseen beforehand. Dispute may arise in different aspects of daily activities such in the aspect of commerce, social interactions online, business transactions between large and small organizations. Examples of some issues that might lead to dispute, we have for instance buyers claiming that sellers failed to send goods as specified in the agreement, clients requesting for refund due to contractors failing to deliver in the promised results, clients complaints as a results of contractors not complying to the stipulated time of contract completion, buyers complaining that sellers deliver substandard materials at an high purchase price, delays in payment of goods and services. All of this listed points might cause misunderstanding between parties and in turn lead to a dispute.

With globalization on the high rise, meaning going to a more interconnected world. The rate at which online transaction is being employed as a transactional option has tripled over the years and thereby also increasing the occurrences of dispute.

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Introduction to Kleros

Kleros is a platform that delivers solutions for settling dispute among involved parties, it is a decentralized platform that adopts the Smart Contract protocol and runs on the Blockchain technology.

A short video about Kleros

Kleros helps to protect both parties involved in the case of dispute pertaining to breach of contract of any sort.

Kleros involves a set jurors with the required skills to provide their expertise in settling dispute in an efficient manner and at an affordable process.

Settling disputes is no easy task as both parties involved might find it difficult to come up with the right solution. It is then left to Kleros to revise the situation critically so as to deliver the right solution to whatever the situation might be.
It woulds be of great advantage for users to include Kleros as its resolution protocol platform so that whenever a dispute arise it is adjudicated by Kleros.

The service Kleros delivers is second to none as other resolution platform are mostly expensive, inefficient and unreliable.

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How Kleros Works

Kleros is formed on the blockchain technology. It is designed to resolve and settle dispute following an efficient and reliable process. Kleros relies on information sent to them from users pertaining to dispute matters.
Proceedings begins when at least one of the parties believes there has been a contract breach.

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For Kleros to be able to intercede in a dispute between parties there must be an agreement by either of the paryt, selecting Kleros as its adjudication protocol.
While Kleros is determined to handle the situation between the parties, a relevant information pertaining to the dispute is provided for Kleros through a secure route.
Kleros comprises of a set of jurors, who are capable and qualified to make important and transparent decisions.
With the information presented to the jurors, they are now able to carefully examine it and come up with a suitable decision after which votes are casted.
The Kleros platform is dependent on the jurors votes so as to draw up a conclusion. The outcome of the votes is backed up by the smart contract.

If a party is not satisfied with the decision made, it is possible for the party to appeal and have the case revised again.

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Jurors are compensated for their efforts, after a decision has been made tokens are redistributed among jurors.

Kleros is redefining the way and manner at which dispute is been resolved. Both individuals and businesses of all sort encounter disputes in one way or the other and Kleros has set a reliable and efficient manner of settling dispute without spending much.

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Some disputes which can be resolved by Kleros include:

Online gaming dispute where by one party claims that the other party has cheated.
In Commerce sector: example, buyers claiming that sellers failed to send goods as specified in the agreement.
Contractual dispute, where client claims that contractor has failed to deliver the promised results, client complaints as a results of contractor not complying to the stipulated time of contract completion.
Transactional dispute online, example EBay, Amazon, etc where buyers claim to have paid for goods that they haven't received.

Kleros benefits small business by delivering a reliable service and at a low cost. Not all business bodies have the capacity to carry their dispute issues to the court which are mostly expensive and time consuming, while other dispute resolution platform are unreliable and expensive as well. Small business are presented with the advantage of acquiring the services of Kleros which is very much affordable, reliable and transparent when it come to providing preferable solution to dispute.

Use case

Mr Davis is a banker, heading the Guaranty Trust Back as a manager and he just completed his house and he requires an interior decorator to fix all necessary interior designs. So he got in contact with a decorator and they both sat down and made agreements on how he wants the decoration to be, also the materials he would prefer and agreeing on the price for the service. Before work commence, Mr Davis chose to make Kleros as his resolution protocol platform so that should in case any form of disputes arises, it would be adjudicated by Kleros. An agreement between Mr Davis and the decorator was set including the time compilation of the work. Half the payment for service was to be played on start of The work which Mr Davis did. After a week of work done Mr Davis noticed that the materials used were almost all substandard and not the materials they agreed to use. With the complaints made by Mr Davis, a dispute then arose allowing Kleros to come in, and after reviewing the situation the jurors voted in favor of Mr Davis and complying the decorator to amend his mistakes or refund the first payment made before the project began. With Kleros Mr Davis was safe from escalating a dispute and preventing loss.

Conclusion

Kleros vission is to become a multipurpose arbitrator, a platform where all the projects in the decentralized ecosystem can delegate dispute resolution. With its transparent processes and the manner at which decisions are made diligently to come up with reliable solution to resolving dispute among parties.
Kleros is delivers a reliable dispute resolution services to it's users and with less cost compared with other resolution platform which are mostly expensive, time consuming and inefficient.
Kleros runs on blockchain technology coupled with smart contract, making it an even more acceptable means of resolution protocol platform.