Is there any mechanism to make justice totally impartial? No, as long as justice passes by humans. Thus far, AI could hardly be trusted at determining the human’s fate. But what if the decisions were rendered by randomly picked 51 unacquainted persons from all over the world? Personal experience and personal attitude would be smoothed out, the possibility of corruption or collusion would be excluded. Top-50 FinTech Company BANKEX launches BANKEX Smart Justice, a service that will help to settle disagreements in the crypto world. Anyone, purchasing a vote token could become a decision maker. This is how it works.
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While the idea behind blockchain is to trust math, people on either sides of the technology who still can failing their obligations so securely registered on blockchain, fulfill them only partially or poorly. A lack of governance and conflict resolution mechanisms would undermine the democratized trust created by blockchain technology. The BANKEX team presents BANKEX Smart Justice, a platform to settle disagreements in the crypto world. Thanks to its mechanisms based on the law of big numbers and the game theory, BANKEX Smart Justice will help to avoid any collision, corruption and miscarriage of justice.
BANKEX Trust Service
To have the possibility to settle their disagreements, both sides should first describe their commitments on BANKEX Trust Service, an equivalent of a contract. This is an Ethereum module by BANKEX, allowing parties to create and access a decentralized receipt of monetary transfers and additional information critical to a transaction, that will ensure its bilateral confirmation.
Once the “contract” is initiated, the user will get a notification about any information related in Trust Service concerning him and will be able either to accept or deny it giving his own information. Once the user confirms, it cannot be deleted or changed.
If one of the sides considers the conditions of the ‘contract’ unfulfilled or fulfilled poorly, it can start a new case on BANKEX Smart Justice.
Relying on the law of big numbers
When a coin is tossed, there is a 50% chance that the coin will land on heads and a 50% chance that the coin will land on tails. This is a statistically proven fact. However, if you will try to check this fact it might turn out that a coin tossed in the air 5 times landed on heads 4 times of 5 or… on tails every single time. However, it doesn’t mean that statistics have nothing to do with the real life. It simply means that the coin toss has to be carried out much more times to reflect what math says. This law is particularly important when making a decision about how many people would be in a study to exclude the impact anomalies. And it also works when a unequivocal ‘right’, meaning logical decision is implied. The more people are asked, the lower it the probability of a mistake. The right answer will therefore be expected.
How the ‘unmistakable’ decision makers are picked up?
Once you purchase a vote token you become a potential decision maker.
The fair, “right” decision is an expected answer, which means, it will be given by the majority of decision makers (more than 50% + 1). As only those decision makers who give the “majority decision” get the reward which compensates the expenses on a vote token and give some additional earnings, decision makers are motivated to make a fair (=winning) resolution. No need to be a big specialist of the game theory to understand that otherwise, decision maker’s will would only be loss-making. And this is why no special education is needed to take the side of an applicant or the side of a respondent, once the decision maker gets all the details of the dispute.
The number of decision makers and the idea to choose between only two options, the applicant side and the respondent side (similar to tail or head) will be sufficient to exclude the miscarriage of justice.
When an applicant starts a new case, 51 unacquainted persons of all of those, having purchased a vote token, are randomly assigned to settle a case. As soon as they get a notification and click the Make a Decision button, they can see the details of the dispute presented by two sides: the applicant and the respondent. After considering all the details, the decision maker has two options. To vote for the side he considers right or to abstain if the choice seems impossible. In this case the decision maker will get his vote token back, once a verdict is finalized.
The winning side is determined, as well as the reward for “winning” arbitrators is calculated based on the number of “right” decisions. Corresponding notifications are sent to user accounts.
However, if the claims of the applicant are inadequate, the dispute is too complex to give a unique solution, the Decision Maker’s Award proposed by the applicant is too small to compensate the price of a vote token, the chances are the quorum of 29 voting arbitrators won’t not be obtained. The money in BKX fixed by the applicant as the Decision Maker’s Award shall revert to his wallet. The Vote tokens return back to decision makers. The vote is declared inquorate. The applicant could start a new case, taking into account the reasons why decision makers decided to abstain from voting.
So far, mechanisms to recover money according to the decision of a blockchain arbitration is Impossible, as the legal basis and appropriate blockchain mechanisms don’t yet exist and are still in the active stage of negotiations. However, reputation, that’s what is valued the most in today’s media world. If the decision concerning all the disputes is accessible anytime to anyone, any little company will be in fact equal to giants such as Microsoft, Apple or Toyota. While today companies still have the possibility to cover their tracks it won’t be possible with blockchain arbitration, as blockchain doesn’t let to erase or hide the information.
Smart Justice of the future?
Without any doubt, it is impossible to base the existing judicial system on math solely, as most cases don’t presume univocal decision in favor of one of the sides and most of them need a legal review of professional judges. However, BANKEX proposes to make judicial errors, collision qnd corruption disappear at least in the disputes where it is already possible, relying on math and blockchain technology. Therefore, BANKEX also plans to bring blockchain arbitration in the offline everyday disagreements.