Blockchain Investment Award under New York Convention of 1958: The Need for New Interpretation to Motivate Blockchain Investments
Prof. Lafi Daradkeh
Professor of International Trade Law and Ex-Dean – Univesity President’s Adviser and Director of Legal Affairs – Yarmouk university – Jordan
Blockchain technology has been introduced as a new application to conduct different human activities, even though it is still new, it attracts many fields of business to evolve their methods of conducting business using blockchain system. Arbitration is one of the sector that can be influenced by using blockchain system to resolve dispute in case conducting traditional arbitration is not possible in some cases, such as COVID 19.
This article explains of how the blockchain works and the different ways the blockchain system has developed. It links arbitration system and the enforcement of blockchain agreement. The question raised by this article as is it possible to enforce blockchain award under NY Convention?. And is there decisive criterion upon which it is possible to say that the seat of blockchain arbitration is fixed in particular place?
However, it can be interpreted that blockchain investment award under New York Convention of 1958 is recognisable and enforceable either if it is considered to be made in state of which law is the applicable law, irrespective of the place where it was made, or blockchain award which is not considered to be a domestic award in the state where recognition and enforcement are sought.
Keywords: Recognition and enforcement, blockchain investment award, New York Convention, blockchain investments.