What is an Arbitration? Artificial Intelligence and the Vanishing Human Arbitrator
Arbitration is a private and consensual method of dispute resolution, instead of state courts, the tribunal is appointed by agreement of the parties which renders a binding decision the award. Traditionally, the tribunal is composed of human arbitrators who conduct hearings in person. Stakeholders in the arbitration market are exploring how new technologies and tools can be deployed to increase the efficiency (lower costs, higher speed) and quality of the arbitration process. Intelligent machines hold the promise of more rational, consistent, and unbiased decisions when compared to human actors.
The COVID-19 pandemic has accelerated the trend towards using smart technologies to increase the efficiency and quality of arbitrations. For eg., if physical hearings are not feasible, parties and tribunals require online meetings, desktop sharing, and video conferencing software that enables them to meet via the Internet in real-time. Practical necessities and constraints prompt rapid, technology-assisted adaptations to the traditional way of ‘doing arbitrations’ by humans...
Click for the full article: https://www.law.ox.ac.uk/business-law-bl...hing-human
Arbitration is a private and consensual method of dispute resolution, instead of state courts, the tribunal is appointed by agreement of the parties which renders a binding decision the award. Traditionally, the tribunal is composed of human arbitrators who conduct hearings in person. Stakeholders in the arbitration market are exploring how new technologies and tools can be deployed to increase the efficiency (lower costs, higher speed) and quality of the arbitration process. Intelligent machines hold the promise of more rational, consistent, and unbiased decisions when compared to human actors.
The COVID-19 pandemic has accelerated the trend towards using smart technologies to increase the efficiency and quality of arbitrations. For eg., if physical hearings are not feasible, parties and tribunals require online meetings, desktop sharing, and video conferencing software that enables them to meet via the Internet in real-time. Practical necessities and constraints prompt rapid, technology-assisted adaptations to the traditional way of ‘doing arbitrations’ by humans...
Click for the full article: https://www.law.ox.ac.uk/business-law-bl...hing-human
