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P2P markets need P2P justice

Wednesday, 14th July 2016

"Peer-to-peer marketplaces are forcing change on the systems we use for dispute resolution. Algorithmic dispute resolution, software-guided settlement negotiation, and even full-service stepped mediation to arbitration Online Dispute Resolution (ODR) projects all existed in 2002–2003.

Despite the promise of lower costs, faster speed, and jurisdictional autonomy, most of those projects have long been abandoned. They simply didn’t catch on. Now, with the invention of bitcoin, open blockchains, and smart contracts, there’s a renewed interest in these services.

Why now? The resurgence is deeply connected with the rise of the peer-to-peer (P2P) economy. As we stop relying on middlemen for trust, as we move to genuine P2P models, we need innovative, independent ways to resolve disputes.

Consider eBay, the first mainstream model of a peer-to-peer(ish) sales platform. While buyers may look at a seller’s feedback rating, they often choose to complete the transaction because of their trust in eBay. Buyers trust in eBay’s dispute-resolution services and money-back guarantee. eBay spends money on developing and subsidizing dispute-resolution services and money-back guarantees because it’s a good business decision."

Read this article in full. 

Language: English
Contact: Pamela Morgan

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