NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

BANKEX Smart Justice for Dispute Resolution on Blockchain

NewsBTC
NewsBTC
7 years ago
3 mins read
bankex

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Top-50 FinTech Company BANKEX has launched BANKEX Smart Justice, an industry-leading dispute resolution platform to settle disagreements in the crypto world. The arbitration service, based on the law of large numbers and game theory, minimizes judicial errors and corruption, and could also have future practical applications in offline, everyday disagreements.

Blockchain-based smart contracts have already proven that they can successfully automate various functions. The smart contracts based on various pre-defined parameters acts as an electronic agreement for a range of transactions including services. While it introduces a transparent, more efficient process with a high degree of automation, it fails to address disputes between the parties involved in a transaction.

To tackle this problem, a team of developers at BANKEX have developed the BANKEX Smart Justice, which is a blockchain-based service that will help settle disagreements in the crypto space.

People have concerns over the human factors in the process of making transactions using cryptocurrencies, thereby slowing down the adoption of cryptos as a medium of exchange. Despite blockchain itself being decentralized and secured, no one can guarantee that smart contracts will be executed properly in accordance to the stated requirements of the deal.

Can A Smart Contract Guarantee the Quality of Service or Product Received?

Smart contracts are executed in automation, meeting the user’s needs by recording the terms and conditions that cannot be altered or deleted. Yet, users can’t escape the inevitable trap of the human factors. Or can they?

Let’s consider a scenario where Alice is a client, and Bob is the freelance. Alice, as a client, hires the service of Bob, the freelancer. The two parties sign a contract on the BANKEX’s Trust Service platform, so it can be recorded on their blockchain. However, for whatever reason, Alice is not satisfied with the quality of Bob’s service. In frustration, Alice files a dispute on the BANKEX Trust Services platform. Bob is then notified about Alice’s displeasure with his work and the action she has taken. Bob, on the other hand, believes that he did a good job and Alice’s claim are unfounded. How do they settle this problem?

BANKEX has developed a solution to this dilemma. They call it BANKEX Smart Justice, the essence of which is simple. It primarily is a voting system that is designed to settle various disputes over the transactions in the blockchain community.

The system provides designated arbitrators (51 in total), who get full access to the details dictated in the smart contract entered in to by the two parties. The two parties, in our example, Alice and Bob, can make an accusation and defend themselves by providing supporting evidence to their claims. These arbitrators are selected at random by its inbuilt algorithm to ensure fairness.

Smart Justice of the future?

Anyone who wants to can purchase a vote token and become an arbitrator in the BANKEX Smart Justice system.

So that outcomes are fair and mathematically approach expected standards,  Smart Justice decisions are made by a majority of votes from an arbitration panel of at least 29 –and up to 51– independent and randomly selected arbitrators. The quorum of 29 has been proven sufficient to approach the theoretically expected ratio of outcomes. Because the internet provides the technological opportunity to assemble a large number of independent Decision Makers to vote nearly simultaneously and in real time, the BANKEX Smart Justice system takes advantage of the Law of Large Numbers for consistently trustworthy voting outcomes.  Additionally, a monetary motivation will encourage decision-makers to eliminate emotional partiality, as only those who make a “winning” majority decision are remunerated.

The option to abstain will also prevent inadequate or incomplete disputes from being poorly adjudicated. The quorum of 29 voting arbitrators won’t be obtained until both parties present sufficient explanations.

Reputation – new currency of the future

Reputation is a highly valued quality in today’s world of brand consciousness and networking for global commerce, and it is even more critical in the decentralized sphere where it is impossible to conceal essential actions performed on the blockchain.

In a word, the BANKEX Smart Justice system is a solution with tremendous implications not only for dispute resolution, but for a more proactive, open, and honest approach to transactional behavior. This will lead to better business practices, less chaos and greater possibilities for cooperation.

Learn more about BANKEX at – https://bankex.com

 

Tweet123Share196ShareSend
NewsBTC
NewsBTC

NewsBTC

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Jemlit vs Mystery Box World: Кой е “царят” на мистериозните кутии?

Мистериозните кутии превърнаха тръпката от изненадата във форма на онлайн шопинг, която комбинира хазартен адреналин и реални награди. От десетки...

Nikolay Aleksiev 6 days ago
SpacePay Takes the Lead

Best Crypto Presale in 2025: SpacePay Takes the Lead

Most crypto projects promise big changes but deliver little substance. SpacePay takes a different approach by solving real problems that...

ericdunne519 1 week ago
SpacePay Is Solving the One Problem That Held Crypto Back for Years

SpacePay Is Solving the One Problem That Held Crypto Back for Years: Presale Is On

For a long time, crypto payments have been hard to use. They were supposed to be quick and easy, but...

ericdunne519 1 week ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Why Smart Crypto Money is Backing SpacePay's $1.1M Presale Run

Why Smart Crypto Money is Backing SpacePay’s $1.1M Presale Run

ericdunne519 2 days ago
青色のプレゼントボックスの上にあるBTC

Bitunixボーナスキャンペーン開催中|最大710ドルの獲得手順

rinsuzuki 5 days ago
Why SpacePay Is Tipped to Be the Favorite Crypto Coin of 2025

Why SpacePay Is Tipped to Be the Favorite Crypto Coin of 2025

ericdunne519 6 days ago

Premium Sponsors

Press Releases

  • Ripple XRP Investors Making $10,9700 Per Day with This...

    1 hour ago
  • 仮想通貨プレセール|次世代ビットコイン拡張プロジェクトが200万ドル目前、投資家が続々と参加中

    ...

    12 hours ago
  • 仮想通貨おすすめ|ビットコインが過去最高値に迫る中、ETFが70万トークンを保有

    ...

    12 hours ago
  • 新しい仮想通貨が160万ドルを調達──過剰な宣伝を避ける注目のミーム系ボット登場

    ...

    12 hours ago
  • 仮想通貨おすすめ|ビットコインが10万8,000ドル突破、2025年7月に注目の17銘柄

    ...

    12 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.