At this point, it is impossible for anyone who is moderately familiar with Blockchain technology to deny its usefulness. Well, blockchains have demonstrated the ability to influence virtually all sectors. So the millionaire investment of Tim Draper to create a court in Blockchain, makes sense.
Blockchain technology: beyond finance
For many people, Blockchain technology turns out to be a synonym for cryptocurrencies. This is because the popularization of the term has come from the hand of Bitcoin, the main cryptoactive in the world. Creating an identity between the BTC and block chains, which has not been able to break until now.
But, the truth is that Blockchain technology goes far beyond cryptocurrencies and the financial world. Well, there is practically no aspect of our societies, where block chains cannot make their positive influence felt. Increasing the efficiency and safety of almost all the processes of our daily life.
Thus, today we see the Blockchain being used in sectors as different from each other as health, education, industry and agriculture. Expanding more and more, especially thanks to smart contracts or smart contracts. One of the main capacities of block chains, related to Tim Draper’s investment in the construction of a company.
Tim Draper bets on a court in Blockchain
The operation of smart contracts is quite simple. They work like a normal contract, but built in programming code. Through which the parties undertake to perform certain actions at certain times. Being the difference in this type of contracts, they do not depend on the will of the parties. But they are automatically executed by their code.
This is the fundamental pillar of what could be a whole legal system built on Blockchain. Or at least, that seems to pretend Tim Draper, who has invested $ 1 million in Aragon. A startup that is responsible for creating and managing Decentralized Autonomous Organizations. And that wants to create the first digital court to solve conflicts between them.
When there is a dispute between two organizations, a virtual court is created. In which, users can participate, either by voting or acting as jurors in the case, using ANT or DAI tokens. Already beginning to perform the first tests of how the system in which Tim Draper bets would work.
However, so far there seems to be no indication about how court opinions would be mandatory. Since, unlike smart contracts, the other element of the Blockchain with some similarity to the legal system. There is no way in which the judgments are fulfilled in those who have not consented to participate and recognize the court.
International Studies student, interested in economics and international politics. Passionate about the progress of the Fourth Industrial Revolution in general and cryptocurrencies in particular.