Kleros - The Future of Adjudication
The human population on Earth is growing at an astronomical rate, a United Nations projection estimates that by 2050, there will be 9.7 billion souls walking around the surface of the Earth. Well, that can either be good news or bad news, depending on the perspective at which you are looking at things. This growth will bring about more needs, it may also result in conflicts, among other things, but one thing is for sure, the growth of SME’s will be on the rise. Developing countries will see more of this population growth, especially in African countries. There will be more minted entrepreneurs that have identified one problem or the other that they hope to solve, and in doing so, the demand of goods and services may need to change hands, and hence more business transactions and contracts.
With this high volume of transactions, disputes are bound to arise, most of the disputes may involve contracts and transactions not necessarily worth millions, but rather hundreds and thousands of dollars. In such situations, an adjudication will be deemed too expensive and time-consuming for both parties, not to speak of the man working hours that will be spent trying to get the best settlement.
There has to be a better way of settling little disputes either amongst creatives, or small-scale businesses. And that solution is Kleros and we will discuss this ingenious solution in this post, and how it can help solve a lot of problems, especially in emerging markets.
This is my entry to the @OriginalWorks Kleros contest
Kleros’s Solution
To describe Kleros in a nutshell, we will need to hear it from the horse’s mouth in a glorified elevator pitch fashion.
Kleros Provides fast, secure and affordable arbitration for virtually everything - Kleros
Kleros is a solution built on the blockchain technology, that aims to solve disputes between parties who enter a contract to exchange one form of service or goods for a fee or commission. It does the dispute resolution by connecting the disputing parties to a pool of jurors that have vast knowledge in various fields.
People disagree for various reasons, and in the world of business, disputes are a norm as it is one of the oldest items in books of its rule of engagement. And these disputes come in sizes, the big boys settle their disputes in the court of law, where the Harvey Specters and Mike Ross show up to defend their million dollars clients. Now, what happens to the smaller guys who can’t afford the expensive lawyers, and don’t have the patience to endure the gruelling hours spent in the court of law, because their businesses need them to be present. This is where Kleros comes in to save the day, with the use of smart contracts and other techniques, Kleros can save freelancers, entrepreneurs and virtually everyone a lot of money and time, while efficiently resolving their disputes on the transparent technology called the blockchain.
How it Works
When a contract between two parties is created, they integrate certain criteria in the said contract. Where they specify the number of jurors they want to oversee the contract, the outcomes of the contract, and finally, they also get to decide the category of the contract, below are the available categories, which is also known as the subcourt.
This subcourt helps to get the relevant jurors to be oversee the contract, in the event of a dispute, both parties will be rest assured that knowledgeable jurors in the given category will give their verdict on who they support. And when the verdict has been passed, immediate action is taken, either the freelancer gets back to work to deliver a better product or service, or the contractor gets his refunds instantly.
Kleros Impact on the Business Landscape
I started this post by mentioning the exponential growth of the human population, and with the advent of technology and social media, large corporations benefits by positioning themselves to be relevant. Corporations such as Facebook and other social media platforms are in possession of a goldmine of data of its users, data that they sell to advertisers, without giving any dime to this said users. The same applies for banks, that use the funds of its customers to fund various activities without the account holders consent. This is the very reason the blockchain represents a threat to the institution, with the use of transparency, no one needs a third party bank to hold funds and carry out transactions for them. With blogging and social media platforms like Steemit, Appics, Zappl, Dtube all built on the blockchain, users now know that they can get paid for the quality content they create.
Now, Kleros will become the Bitcoin of the judiciary system, with the help of the blockchain, everything will become transparent, and with time, there won’t be a need for any lawyers or judges to preside over cases, both small scale or large scale. And in the developing world where corruption is the order of the day, Kleros will be solving a major problem, and serving justice and fairness to people who believe in fairness.
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