Introduction

Digital globalization is advancing at an accelerated pace and in an exponential manner, making the legalization of services more active and the pace of the Blockchain progressing more and more. Online services are currently outdated to resolve conflicts between users, with losses and credibility for the daily use of the community. This requires a fully automated arbitration system where a jury can intercede and produce true decisions in a safe and economical way.

About Kleros

Kleros is a decentralized opt-in service that resolves disputes between two parties, with the help of its vast network of jurors that are specialized in various industry categories. With the use of resources, such as smart contracts, and tactics that enable peaceful resolution between the disputing parties. It is no secret that adjudication is both time consuming and expensive, that not all disputes can go through that painful process, especially because of the expenses involved, but Kleros, is a solution that promises to be cover both parties in the event of a dispute arising from a breach in contract to what was originally agreed between both parties. Hence, ensuring both parties live up to the terms of the agreement.

It may come as no surprise to us at the internet penetration rate all across the world is enormous, and with this development, a lot of small businesses are sprouting up all around the world, and with this growing number of new ventures, comes along the number of disputes, disputes. Some of these disputes may be worth millions of dollars and others may not be substantial enough to be settled in the court of law, hence an alternative solution has to be birthed to solve this problem, and that is what Kleros is here to solve.

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 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.

Image - Whitepaper, page 3

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.

How will Kleros change the Landscape of Small Disputes

Just like the scenario, we explored earlier in this post between Cable and Deadpool, with the help of Kleros both parties will create a contract on their dealings and have a set of jurors that are familiar with freelance, business contract and technology to preside over their dealings. And should in case anything goes wrong, then they will highlight the necessary steps that both Deadpool and Cable will need to undergo, in order for all parties to be happy in the end.

Kleros, will revolutionise the way business is done on the digital space, especially in the freelance and digital industries, when two parties from different parts of the world agree to enter a contract in the delivery of a given service, if all goes well, both parties are happy, but if things go south, the jury is called upon for peaceful settlement. Small business will work better with kleros2018.

System of Liquid Votes

The delegation of votes can be specific, each user chooses who to delegate their vote, either in a specific subcourts but not in all.

Source: WhitePaper, Page 10

Conclusion

The digital age has allowed the creation of workspaces that operate in real time through the sale of products. In this way, payment systems and new mechanisms to facilitate the user acquisition of goods and services have also grown. Cryptocurrencies have come to the fore as an emerging and safe mechanism to offer a new range of possibilities in the world market, which are helping to achieve financial benefits for millions of people. Kleros is available to intercede in that many contracts that are extremely expensive and bring financial justice for the entire community.

Team

Partners

More information
https://kleros.io/

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