Sania Joseph, Christ (Deemed to be University)
ABSTRACT
The increasing influence and impact of technology in various sectors have opened up new possibilities for its integration into the arbitration process. This abstract delves into the intricate relationship between technology and arbitration, with a specific focus on the role played by blockchain technology, smart contracts, and data protection laws in ensuring the utmost levels of security and privacy in arbitral proceedings. Through the utilization of blockchain technology, arbitration stands to gain numerous advantages including heightened transparency, security, efficiency, and enforceability. The decentralized and unmodifiable nature of blockchain facilitates the creation of a transparent and tamper-resistant ledger, while the implementation of smart contracts automates contractual obligations and streamlines administrative tasks. Nonetheless, the integration of technology in arbitration also gives rise to concerns pertaining to data protection and privacy. To effectively address these challenges, data protection laws such as the General Data Protection Regulation (GDPR) and the Personal Data Protection Bill (PDPB) in India play a crucial role in safeguarding personal information during arbitration proceedings. Ensuring a harmonious coexistence between the principles of data protection and confidentiality demands thoughtful evaluation and the implementation of privacy- enhancing measures, including anonymization and pseudonymization. This paper highlights the prospective advantages and obstacles linked to the integration of technology in arbitration, underscoring the paramount significance of striking a delicate equilibrium between the benefits brought about by technology and the safeguarding of individual rights and interests. In the realm of data protection and confidentiality, it is imperative to carefully navigate the intricate relationship between these two principles.
Achieving this delicate balance necessitates a thorough examination of the potential benefits and challenges that arise when technology is incorporated into the arbitration process. The aim of this paper is to understand this benefit and challenges and analyse them in a comprehensible manner.
Keywords: Arbitration, Block chain Technology, Smart Contracts
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