Alternative dispute resolution (ADR) proceedings are a popular means of resolving conflicts between parties outside of the traditional justice system. Traditional litigation, which is time-consuming and complex, very often is not a practical solution for disputes. ADR proceedings such as mediation and arbitration, offer less procedural overhead, may provide faster resolution to the dispute, and have a higher degree of confidentiality than litigation. They also allow the parties to choose arbitrators that are specialized and better suited to deal with the issues at hand. Moreover, the decision-making process encourages open participation (under the guidance of the arbitrators) by all the parties to achieve a more equitable result. Thus, both arbitration and mediation are widely employed to resolve disputes and negotiate matters.
The Shariyah Review Bureau, a leading international Sharia advisory agency licensed by the Central Bank of Bahrain, has granted the Stellar protocol a certificate of compliance with Sharia (Islamic) banking laws. The Stellar protocol and its native token XLM emerged as a non-profit alternative to Ripple and its associated XRP token in early 2014.
Jonathan Wheeler, a former software engineer at Goldman Sachs, quit his job at the prominent investment bank to focus on a humanitarian economic effort—using Bitcoin to help Venezuela fight hyperinflation.
BlackRock, the largest asset manager in the world with $6.3 trillion in AUM, is reportedly evaluating the crypto-space, according to CEO Larry Fink, who told Reuters that the firm has assembled a working group focused on blockchain technology and digital assets such as Bitcoin.
Governments’ interest in blockchain stems from the technology’s ability to improve security, transparency, efficiency, and speed in government services and processes. Generally, government agencies use inefficient, centralized systems that do not provide transparency. Even though many governments value agency interoperability, system infrastructure is often siloed and isolated from the others, making it time-consuming and expensive to share information and transact assets between the different parts of the government network. The current inefficiencies in government systems make government services and operations prone to error, cyber attacks, information manipulation, and corruption. Governments across the world are realizing that blockchain technology can be a practical solution to many of these problems.
The primary innovation of cryptocurrency is the existence of a form of digital money that exists independent of any centralized operator. Despite the fact that this decentralization is the main selling-point of these assets and the underlying technology, many still choose to store their digital assets on centralized exchange platforms and wallet providers such as Coinbase.
Litecoin creator and Managing Director of the Litecoin Foundation Charlie Lee announced on Twitter Tuesday that the Litecoin Foundation has acquired a 9.9% stake in the German financial institution WEG Bank AG. The equity was received from TokenPay, a strategic partner of the Litecoin Foundation, who transferred their shares in exchange for technical assistance with various blockchain projects from the Litecoin Foundation.
As the implementation of blockchain technology increases, so does the list of international organizations getting involved in its development. Some organization on the list include the International Organization of Securities Commission (IOSC), which recently published a wide-ranging research paper that includes findings on blockchain tech; the United Nations Development Program (UNDP), which partnered with Blockchain, the world’s leading software platform for digital assets, the UN Refugee Agency (UNHCR) and the World Economic Forum (WEF) to explore the use of blockchain technology for development; and the World Bank, which launched a blockchain lab as part of a bid to pilot projects that can improve governance and social outcomes in the developing world. Recently, the Organization for Economic Cooperation and Development (OECD) added itself to the list by launching a number of projects that focus the collaborative efforts of its thirty-six member states on blockchain research, development, and implementation.
The past few years have witnessed the emergence of disruptive technologies, such as blockchain, that promise to revolutionize the way business is conducted across many industries. As these technologies continue to evolve and seep into our daily lives, people, companies, and societies quickly adapt and assimilate to them. The law, however, does not.