How can smart contracts help in dispute resolution?
An example of an AI chatbot conversation about smart contracts in dispute resolution.
How can smart contracts help in dispute resolution?
Smart contracts automate and enforce agreements, reducing the need for intermediaries in dispute resolution.
What are the benefits of using smart contracts over traditional methods?
They offer transparency, efficiency, and lower costs, as they execute automatically when conditions are met.
Can you give an example of a dispute that could be resolved using smart contracts?
Sure! For instance, in a real estate transaction, a smart contract can automatically release funds once all conditions are verified.
What happens if there's a disagreement about the contract terms?
In such cases, the smart contract can include a mechanism for arbitration or mediation, ensuring a fair resolution.
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