Arbitration in the Metaverse
Arbitration in the Metaverse
Over the past 4 years legal technology has developed and accelerated transformation across the sector. Covid propelled this evolution, driving and in some ways even forcing the most traditional firms to step up and implement technology to enable continuity of service. In tandem, legal tech start-ups committed to improving legal processes and systems, emerged at a much faster rate.
In the UAE, courts migrated online and implemented an array of applications and platforms to conduct hearings virtually and avoid disruption of service; whereas in other judicial courts around the world, the courts closed and today they continue to deal with a backlog of cases. Arbitration sessions and hearings on the other hand transferred online seamlessly.
It is believed by many that virtual arbitrations are not just a thing of the past helping us muddle through the pandemic. Virtual arbitrations solve many present day challenges. They offer efficiency in terms of costs and time saving. They are ESG friendly, with sustainability considerations for ‘greener’ arbitrations in cutting down carbon emissions. A study conducted by the Campaign for Greener Arbitrations – an initiative founded to reduce the carbon footprint of international arbitrations through behavioral change found that 20,000 trees would be required to offset carbon emissions from a medium–sized arbitration. (The study considered typical carbon‑producing obligations such as, taking flights, trains and car journeys, hotel stays, disposable coffee cups, and printing legal submissions).
It’s not only the legal sector that is undergoing transformation. Today’s connection economy has also iterated and began its shift into the Metaverse. As this development picks up pace, we expect arbitrations to be held in this universal and immersive virtual world in the not so far future.
During Dubai Arbitration Week, Galadari will be demonstrating a futuristic Arbitration in the Metaverse through an app called MeetinVr. Using virtual reality (VR) sets, presenters will conduct a mock arbitration hearing, which will be projected on large screens for the audience. The demonstration will be followed by a presentation and an open floor discussion going deeper into topic of the Metaverse and/in arbitration. If you are interested in attending, please email us on firstname.lastname@example.org.
The author of this article is Ahmed Ziad Galadari. Ahmed is a qualified advocate with full rights of audience before all UAE courts. He obtained his L.L.B degree in Sharia & Law from the University of Sharjah in 2018 before continuing studies and obtaining an L.L.M degree in International Business Law from University Paris II Panthéon-Assas in 2022. Ahmed is a member of the Chartered Institute of Arbitrators (CIArb). To speak with Ahmed, please email him on email@example.com.