At Chamber of Commerce of Blockchain and New Technologies in Poland, the first Arbitration Court for blockchain was established in Europe.
Blockchain it is changing the world before our eyes. As a technology and transaction platform, he has been recognized in many industries, including financial, energy or trade and is still growing. As a consequence, new processes can take place without the participation of public trust institutions, directly between the parties to the transaction and the world is getting closer to the non-cash society.
In parallel with the development of the blockchain, transactions with its use, cryptocurrencies or smart-contracts, escape the law. This phenomenon is so new that only a few countries, eg Malta or the USA, have attempted to put it into legal frames.
In August 2018 in response to this need arose Chamber of Commerce of Blockchain and New Technologies established to represent the interests of the entire blockchain industry and new technologies in Poland. 8 November 2018 was also established alongside her Court of Conciliation for blockchains. This is the first organization of its kind in Europe and the second (after Japan) in the world.
Today the Chamber gathers more than 150 members.
- Our main goal is a real impact on Polish legislation, in particular in the tax area. Education, cooperation with education and government bodies, shaping the principles of good practice, supporting the economic development of Poland, resolving disputes with offices are just some of the areas in which we are involved - says Robert Wojciechowski, President of the Board.
The list of arbitration arbitrators included not only lawyers experienced in arbitration and blockchain, but also people who professionally deal with commercial transactions using new technologies. The President of the Court will be elected 10 on December 2018 during the Chamber Board meeting.
Friendly courts has been one of the most popular forms of binding settlement of commercial disputes for years and in the case of many disputes is an alternative to state courts. It is worth mentioning the properties of arbitration: it is voluntary (requires a contract of parties, referred to as an arbitration clause), informalized (in comparison with the trial before a state court) and usually faster (generally does not provide for two instances). The parties may choose any arbitration court according to their own needs (there are thousands of them all over the world), and the composition of that court also depends on the will of the parties, because the parties indicate the arbitrators (they should be specialists in a given field). As regards the resolution - according to the parties' wishes and if the regulations provide for such a solution - the arbitral tribunal may be bound by the applicable law of the parties, and even does not have to be bound by law at all (then decides in accordance with the principle of equity). Courts of arbitration act on the basis of the regulations they have established, which is, however, the most important: judges' judgments, after their recognition by state courts or a declaration of enforceability, have the same legal force as judgments of state courts (if they are fit to become executive titles, on the basis of which a compulsory execution by a bailiff can be initiated). These judgments are also recognized by state courts almost everywhere in the world.
The role of the Court of Conciliation for blockchain is, above all, to ensure effective, fast and tailored to the needs of the industry the manner of binding dispute resolution. Flexibility and emphasis on a professional approach to the dispute will be the hallmark of the newly created Court. It is also undoubtedly a form of promotion of the Chamber itself, because the costs of arbitration for economic entities associated in the Chamber will be lower.