Several scientists are working on blockchain solutions for the courtroom. The University of Tokyo has now released the first details.
The economists Hitoshi Matsushima from the University of Tokyo and Shunya Noda from the University of British Columbia are working together on a so-called digital courtroom. This courtroom 2.0 is supposed to make use of blockchain applications. The professors hope to reduce process costs and process procedures faster. This emerges from a contribution by the University of Tokyo.
In it, Professor Matsushima explains how the “digital courtroom” works:
“In the event of suspected violation of any agreement, the parties submit their opinion to this digital court. The court algorithmically aggregates the opinions of the parties and the judges who violated their agreement. If the digital court decides that a party has breached the agreement, the party will be fined by withholding a deposit made during the original agreement.”
Enormous efficient outputs possible
Smart contracts, i.e. contracts cast in program code, can bring enormous efficiencies, especially in simple and standardized processes. Insurance companies in particular have tried in the past to map simple claims through contracts on the blockchain. After all, outside of the courtrooms it can be tracked exactly when and who made which transaction.