Recognition of Blockchain-based Multisignature E-Awards

TL;DR

This paper explores the recognition of blockchain-based multisignature electronic awards, focusing on legal recognition and implications under international law, particularly the New York Convention and English law.

Contribution

It introduces the concept of recognizing multisignature blockchain transactions as arbitral awards and analyzes the legal challenges and frameworks involved.

Findings

Multisignature blockchain transactions can be recognized as arbitral awards.

Legal recognition depends on jurisdictional acceptance of blockchain evidence.

The paper discusses the implications under the New York Convention and English law.

Abstract

With blockchain technology, information is recorded in a permanent distributed ledger that is maintained by multiple computers in a peer-to-peer network. There is no central authority that can alter records or change network consensus rules. Such technology could be utilized for voting, title transfers, issuance of company shares, document notarization, but currently, the most popular use-case are virtual currencies. An interesting feature that some virtual currencies have is a multisignature (multisig) protocol that requires the electronic signatures from more than one private key to initiate a transfer of funds. Raw data of a multisig transaction may be recognized as an arbitral award under the New York Convention, where the law of England is the lex arbitri and parties have opted-out of a reasoned award.