Valentine’s Day, 2018 : Forever Rose, a fittingly romantic piece from artist Kevin Abosch, is sold for the princely sum of one million dollars. Nothing greatly unusual in that - much-prized art has, after all, always been the preserve of the wealthy - but there was an additional element which gave this sale particular significance. For, far from the time-honoured worlds of canvas, paint or clay this artwork was sold in a unique form : as an NFT, or Non-Fungible Token - a one-off, incorruptible digital entity made possible by the technology of blockchain. And a price of one million pounds, at that time, marked a new record for such an item.
Fast-forward to March, 2021 : another NFT, this time going under the hammer at famous auction house Christies, causes global shockwaves with the epic scale of its impact. Beeple’s Everydays - The First 5,000 Days achieved the astonishing sale price of sixty-nine million dollars, smashing previous records in token-based sales. Will such a sale ever be topped ? Who can say ?
The sheer size of such sums, combined with the relative newness of the technology that underpinned the sales involved, has spread awareness and awakened interest in the worlds of blockchain and cryptocurrencies. Initial misunderstandings and public puzzlement concerning these brave new worlds are giving way gradually to simple explanations of distributed ledgers and decentralized applications. As with all new technologies, trailblazing early adopters are finding themselves more and more surrounded by mainstream users as the reach of available information extends to the general population. Whilst Bitcoin and other cryptocurrencies have - in their quest to create new value systems without the control of national central banks - utilised the peer-to-peer verification enabled by blockchain, such uses are very far from being the only ones. The execution of smart contracts, the maintenance of asset records, and the provision of insurance proof are just three of the possible alternative functions for blockchain technology - providing it with huge potential and an assured future.
So, with a great deal to look forward to for those embracing these revolutionary platforms, what are the possible pitfalls ? Answer : the same as they have always been among human beings : difference, dispute and disagreement - all leading to conflict. Though scientific and technological progress may continue unabated in this world of ours, the human qualities based upon our innate individualism remain in a largely unchanged state. But whilst we can still differ as we always have, the changed fundamentals of these new technologies means that older ways of resolving disputes are entirely inadequate when it comes to settling matters in the blockchain age.
Put simply and squarely, speed and cost will be absolutely crucial factors when it comes to settling disputes in blockchain territory - long, drawn-out and expensive court action cannot be on the agenda. It is also worth noting that, with only a small amount of legal precedent in such a relatively new area to rely upon, the outcome of cases would be more uncertain than might be allowed for, taking into account standard judicial jeopardy. All of this - combined with the philosophical incompatibility of viewing one of the newest concepts through the aged prism of a legal system stretching back centuries - means quite inescapably that Alternative Dispute Resolution will be the only way to go for blockchain-based disputes.
Given that the true peer-to-peer ethos of these new innovations is based on trust, the consent inherent in preliminary mediation agreements perfectly reflects the willingness to share a solutions-based outlook - this of course is entirely in keeping. Furthermore, the comparatively low cost combined with what is usually a very speedy outcome will generally facilitate most blockchain projects to stay on track and on time - generating benefits for all parties.
Blockchain 4 Good intends to be a leading provider of these services, with professionally trained, insured and Civil Mediation Council approved mediators who understand the technology and can deploy the skills needed to bring parties together. With competitive pricing and short-notice availability, most blockchain disputes can be resolved without resorting to the expense (or suffering the trauma) of court action.
As we move into a new and exciting phase of human industry and interaction, it is just as important to innovate to resolve points of difference in a similarly modern way. Blockchain 4 Good have got this covered, for innovators and entrepreneurs alike.