Bankex Smart Justice Is Ushering In Unerring Mediation To Blockchain

Since the beginning of civilization, humanity has always wondered if there is any mechanism to make justice totally impartial. But to err is human. Luckily for us, mistakes can be avoided by smart AI. Now, Bankex a top-50 FinTech Company is launching a Smart Justice service that is aimed at settling disputes in the crypto world. The Beta version was launched on May 14th.

How Does Bankex Work?

The two parties involved will have to set-up a smart contract through the Bankex Trust Service which will have all the conditions required to mediate a dispute. It is an Ethereum based structure that allows parties to create and access a decentralized receipt of monetary transfers and additional information critical to a transaction. A party will be able to claim their version of events in which they have to state where the counterparty has violated the smart contract.

As the Smart Justice system is a community-based service, a voting system decides which parties win the disagreement. The smart algorithm is based on meticulous research done by Banex who have used statistics and math to provide solutions with a minimal margin of error.

They use Law of large numbers which is a principle of probability according to which the frequencies of events with the same likelihood of occurrence even out, given enough trials or instances.

When a contender starts a new case, 51 people unfamiliar with the situation who have purchased a vote token, are randomly assigned to settle a case. As soon as they get a notification and click the Make a Decision button, they can see the details of the dispute presented by two sides: the applicant and the respondent.

After considering all the details, the decision maker has two options. To vote for the side he considers right or to abstain if the choice seems impossible. In this case, the decision maker will get his vote token back, once a verdict is finalized. The winner will be the contender with the most votes.

Is Smart Justice The Future Of Justice System?

Even now, the Smart justice system is heavily reliant on humans, but the future iterations will be increasingly dependent on AI. However, even its current form supports a decentralized model, a necessity when it comes to legal systems.

Beta version of this service was launched on 14th May, however, we have to wait for a while before this method of arbitraging will take a while for traditional organizations to catch on.