Summary

This article examines the convergence of smart contracts and international arbitration, focussing particularly on the strategic considerations and the doctrinal implications arising from the integration of blockchain-based contractual agreements into transnational dispute resolution frameworks. It analyses how the smart contracts, which simply put are self-executing codes embedded in distributed ledgers, challenge conventional concepts of legal validity, jurisdictional competence, enforceability, and due process. The paper attempts a comparative analysis of multiple jurisdictions including India, United Kingdom, Singapore, and the European Union, alongside the regulatory and arbitral practices of institutions like the ICC, SIAC, UNCITRAL, etc. Besides a doctrinal assessment, this work conducts a critical examination of contemporary digital arbitration initiatives such as Kleros and Aragon, with emphasis on their compatibility with the New York Convention. It also notably integrates technical components pertinent to the coding aspect, including explanations of Solidity programming, oracle-related vulnerabilities, and blockchain enabled arbitration functionalities, so as to ensure a rationally articulated hybrid legal-technical perspective. The argument that is advanced herein is that while smart contracts proffer significant procedural efficiencies and innovation, their comprehensive incorporation into arbitration processes necessitates renewed harmonisation initiatives, development of hybrid legal-tech guidelines, and sustained collaboration between lawyers and coders to mitigate risks of legal uncertainty and technological rigidity.

This paper will be part of the TDM Special Issue on "Cryptocurrencies and Other Digital Assets in Arbitration". More information here www.transnational-dispute-management.com/news.asp?key=2080