The relevance of the blockchain technology in bringing efficiency to diverse aspects of our everyday concerns, cannot be overemphasized. This is a reason for its fast-paced diversification into various sectors, which is consequently producing a corresponding widespread acceptance all over the world. One of the most recent solutions that have hit the scene is the use of blockchain hosted smart contracts in initiating and executing litigation processes between persons.
The Jur™ blockchain is ingeniously designed to remove the inadequacies of the centralized judicial systems, by providing a well-structured framework that would be able to implement the much-needed accuracy, efficiency, and speed that is needed in legal processes.
Features and functions of the Jur™ decentralized protocol
The features and functions of the Jur blockchain is basically aimed at providing an encompassing approach to legal dispute resolutions and settlements. It is expected to facilitate and implement legal agreements between users while ensuring that the services are made available to the involved parties at reasonably reduced fees, and in the shortest possible time.
Essentially, Jur™intends to be the host network to a vast amount of economic transactions, which are normally susceptible to future legal uprisings. However, the underlying function is to see to it that such business agreements are able to hold, with an assurance that every involved party would gain access to unbiased judgments if there is a misunderstanding.
In order to achieve these objectives, the Jur project has added a number of fundamental key features that would be the primary operation roadmap for every agreements made. These feature provisions cater for all the agreeing parties, and it is aptly effective until an amicable expiration of such agreements is reached.
Some of the front line features of the Jur blockchain protocol includes the following:
- Detailed smart contract creation and use
The Jur smart contracts are agreement binding structures, that allows all the users involved in an agreement, to state the mutually agreed terms of engagement. Once all the parties have signified approval to the authenticity and validity of stated conditions and claims, the smart contract is then made to run. Remember that one of the advantages of running agreements using smart contracts, is the fact that they are immutable- hence upholding transparency and fairness as far as the input instructions from all involved ends is concerned.
- Permitted escrow deposits and direct dispute settlement payments
This feature facilitates business and economic transactions between persons, businesses, organizations etcetera. The ideal of Jur’s escrow deposits is to allow users to deposit funds into the platform’s type of ‘saving structure,’ from which they can always withdraw for payment purposes on the platform.
Consequently, the escrow deposit scheme also facilitates payment of dispute settlements, in such a way that the network affects direct payments of settlements funds, by debiting escrowed funds accordingly. This is part of the ease of use and accountability framework, as provided by the platform.
- Platform dispute resolutions by consensus structure
To ensure transparency and fairness on dispute resolution, the Jur protocol has adopted a consensus structure for brokering justice between disagreeing parties. By this, users on the platform are engaged in voting processes, aimed at determining the right direction of justice on disputed agreements.
Now, Jur’s dispute resolution by consensus model allows users to either present their cases before the generality of Jur blockchain users or to request for judgment from a specialized class of users.
Considering the importance of passing fair judgment for all time, the platform has decided to make the judgment voting processes to serve as a means for rewarding fair members of the jury. The Jur tokens would be the incentive for every acknowledged majority vote judgment.
Every participating user in the voting processes would be required to pay certain stipulated token sums, which would be released to voters who were able to determine a voting majority in the judgment making. Hence, voters on the minority side would have to let go of their input tokens, to be given to the jury with the majority votes.
Feasibility prospects of the Jur blockchain project
Many cryptocurrency experts and token users would ideally mention the ultimate importance of investing in blockchain projects that have a reasonably high feasibility tendency. This is because such indicators are a proven determinant as to what becomes of other elements of the project- for instance the subsequent market relevance of the project token.
The innate features of the Jur platform and it’s execution roadmap, are substantial indicesby which commendations have been made.
Goingby the basic formation of the general decentralized network, most of the Jur’s platform functioning elements- such theagreement signings and the litigation processes, are well positioned to run well. Asides this, analysts have mentioned the fact that the Jur protocol, provides a solution that meets contemporary needs.
Visit the website: https://jur.io/
