스마트계약을 위한 분권 중재 시스템에 관한 연구 = A Study on the Decentralized Arbitration System for Smart Contracts

다국어 초록 (Multilingual Abstract)

A smart contract is a device in which contract terms are written in computer code and automatically fulfilled when prescribed conditions are met. Following Bitcoin blockchain that appeared in 2007, Ethereum blockchain appeared in 2015. This allows smart contract code to be written freely on the blockchain. Since then, R & D on smart contracts has increased rapidly, and some of them are applied in practice. Smart contracts have many advantages, such as making contracts faster and more accurate, reducing costs, and making defaults impossible.
But from a legal point of view, smart contracts have some serious problems. Even when a smart contract proves to be invalid due to some legal problem, it cannot be avoided to be executed. The courts also have no way to suspend their performance. In addition, even if the ruling that the smart contract is invalid is confirmed, it is impossible to restore the digital assets transferred on the blockchain without cooperation of losing party.
This problem has been known and resolution by means of arbitration has been discussed for a long time. It is a way to insert an arbitration clause into the smart contract itself, go through an arbitration process by a neutral third party, and then automatically execute the arbitration award made in that process.
This study analyzes the implementation form and theoretical background of the blockchain-based mediation system and its advantages and disadvantages. Specifically, it examines why the arbitration network should be implemented as a decentralized app, what is the theoretical basis of this system, and how it will work under the Korean arbitration law.
Decentralized arbitration systems have many advantages. Not surprisingly, this advantage alone does not make this new arbitration system a success. The success of the system depends largely on whether a large number of jury members with professional knowledge will participate and whether they will be enthusiastic. I look forward to the development of a sophisticated decentralized arbitration system in Korea.

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