As technology proliferation increases at a rapid speed, the more people work remotely, and we as humans rely more and more on technology in our every day lives. And the rise of cryptocurrencies is a marked example of this fact, people are now willing to trust elaborate technology with their finances, and this represents a threat to established orders and institution. In recent times, technology has changed the way live, from the way work to the way we socialize, do business and have fun, and one of the industries that have remained unchanged with technological proliferation over the years is the judiciary space, and Kleros is aiming to change that.
And the solution is one that is built on the blockchain, that offers total transparency and the integrity of users information. The world we live in is not a Utopian, it is only natural people go through a lot of disputes, the best we can hope for is justice and fairness in the resolution of such disputes regardless of who is on the winning or losing side, that is why Kleros is an effective way to solve dispute in this tough world we live in. What Klero offers that the existing adjudication that is now a mammoth cannot possibly offer is a speedy crisis resolution, lower cost of dispensing justice, and complete transparency.
Built on the blockchain that offers decentralization, Kleros has a rich network of jurors that have vast knowledge in various fields. Upon the creation of a contract between two parties when going into a business transaction, the parties get to choose the subcourt within which the nature of their business transaction exists, and they also chose the number of jurors they want to preside over their contract. The entirety of the said contract is published on the blockchain for all to see, and in a case of a dispute, the assigned jury will preside over the case, and based on the available evidence, they support either of the party, the party with the most support wins, after which, the agreed outcome is enforced, an example of an outcome is instantly refunded or payment.
Why Kleros is such an important innovation is because its principles works around the confines of human nature, hidden within our subconscious we are just, and greedy at the same time. And a transparent platform where business can be conducted in a fair and just manner is a massive win for growth and innovation. Being my entry to the Original Works contest, one way I think Kleros will be a massive success is in the world of freelancing, platforms where talented creatives make the work available and people who need these talented people can enter a contract with them to get a job done at an agreed fee. For example, @steemit has a pool of creative writers and developers as well as various talented people in various fields.
Business is being conducted here on Steemit, but the modus operandi is basically based on a gentle man's agreement, where both parties hope the other person will hold up his own end of the deal. There are several cases of broken promises, but there was no measure in place to address such eventuality.
This is a major niche I believe Kleros is needed, and with the right market entry and execution, this innovation will thrive because a vast majority of the people on Steemit are aware of how the blockchain technology works, that takes away a layer of work to do explaining the concept of blockchain to those who may not be familiar with this technology.
A little outlay of how the structure of the Kleros system can be found below
References
https://kleros.io/assets/whitepaper.pdf
Twitter post - https://twitter.com/Aislemedia/status/1031983689289408517
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