The legal community is also being machine doesn’t require one party’s resolution lawyers. Certain disputes will within the blocks is not subject to shaken by the potential of these approval before delivering the soda or still end up in arbitration because they alterations from outside sources, making technologies, specifically by smart an intermediary in the process. In a very cannot be resolved by self-executing the information completely trustworthy contracts. Smart contracts are not simplistic but accurate way, this example codes. Legal analysis will still be required and safe from potential tampering. The contracts in the traditional sense of the shows that smart contracts are designed to understand the intent of the parties, only way to alter the data within the Home word, but rather they are self-executing to execute automatic transactions, such the intent of the drafters, or the very blockchain is through oracles, which are computer codes that do not need third as transferring funds if a pre-established nature of the smart contract. Here are a third parties entrusted by the parties to Editorial parties to operate or to be enforced. condition has been met, or penalising few examples of why dispute resolution the contract and which are authorised to Smart contracts self-execute on a a party for not performing their duties lawyers will still be needed. incorporate outside information into the blockchain, which in turn automatically under the contract. blockchain in certain cases. Insight changes the state of every participant in A first example can be related to the When arbitration is not voluntary: the case of Mutu the blockchain. Smart contracts require Although smart contracts may hash out immutability of the blockchain. One However, this becomes a double-edged and Pechstein v. Switzerland little to no human intervention –needing certain stages of potential disputes, they of the most prominent features of sword in cases where unforeseen events only someone to develop the code- will not replace the need for dispute blockchain technology is that the data happen that were not incorporated within Global Briefing which makes them cheaper, faster, and The impact of The Belt and less ambiguous than regular contracts, Road Initiative on investment given that the code must use clear and arbitration concise wording. They are programmed “What’s in a name?”: NAFTA to self-execute if certain pre-conditions to USMCA and what this are met, applying an “if X, then Y” logic. change means for investment protection The first example of how a smart In Focus contract would work was presented by Cultural Heritage Nick Zabo, who used the example of the Considerations in soda machine. If you put enough money International Investment in the machine, it will automatically Arbitration give you the soda you choose. A soda Smart Contracts and International Arbitration: Friends or Foes? The Achmea decision: significant uncertainties linger The true success behind Bitcoin is the use of Investment Arbitration:Contact Lawyers blockchain technology, which is now not only being applied to cryptocurrencies but also to virtually every industry in the world www.uria.com 17