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A Blockchain-based Model for Smart Legal Agreements and Dispute Resolution

Eseandre Mordi

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When the blockchain technology was created, everyone felt the technology was just going to be the underlying technology for the creation and use of cryptocurrency, however, time has shown that this is not the case, as developers have discovered various ways to use the blockchain technology for different uses, regardless of the industry and sector.

It is common place for disputes to occur at some point in time with our interactions with other humans, and most times, there is the need for legal action to resolve the disputes. However, resolving contractual disputes in the real world is not just expensive, but can also take as long as 6 months or more before a resolution is reached.

The JUR Solution

JUR is a blockchain-powered decentralized platform, and it was created to help resolve disputes, and thus providing a bridge between the blockchain and the real world. In the real world, the cost of settling disputes in court is usually more than 50% the contract amount, but with the JUR platform, the resolution of disputes is near-zero.

When a dispute is opened on the JUR network by a user, oracles are responsible for voting, and the winner of the dispute is gotten from the majority of votes. When a resolution is reached, the winner of the dispute gets the funds contained in the contract. Resolution of a dispute on the JUR platform takes 24 hours from opening, compared to the court system in the real world, and the core functionality of the platform is free.

Business Model

The economics of the JUR platform is straightforward and easy to understand. Revenue on the platform is generated through four main channels:

  • High Volume Usage

Users of the JUR platform are granted the opportunity to use 3 agreements every month, with no fee charged. However, additional agreements will attract a small fee.

  • Multi-Currency Deposits

The JUR platform is designed to grant users the ability to make ESCROW deposits, and these deposits will be made with stable coins in place of the JUR tokens. Stable coins are used, to eliminate volatility in the market and on the network. A small fee will be charged for each deposit.

  • Smart Contract Builder

JUR comes with a range of tools to allow experts to create Smart Legal Agreement Templates with the aid of Smart Contracts, and put the templates for sale on the JUR Marketplace. For each agreement sold, a small fee would be charged.

  • API Subscription

On the JUR platform, partners are given the ability to integrate the JUR central functionality into their own system’s interface, and this is done after paying a fee for the API subscription.

JUR is a revolutionary platform that is also very useful in the resolution of conflicts on shared economy platforms, and it grants websites like Upwork, Fiverr, and Freelancer, among others the ability to manage conflicts amicably. JUR is one platform that has it takes to be one of the best dispute resolution innovation ever created.

Visit https://jur.io/

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