Recognition of Blockchain-based Multisignature E-Awards
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With blockchain technology, information is recorded in a permanent distributed ledger that is maintained by multiple computers in a peer-to-peer network. There is no central authority that can alter records or change network consensus rules. Such technology could be utilized for voting, title transfers, issuance of company shares, document notarization, but currently, the most popular use-case are virtual currencies. An interesting feature that some virtual currencies have is a multisignature (multisig) protocol that requires the electronic signatures from more than one private key to initiate a transfer of funds. Raw data of a multisig transaction may be recognized as an arbitral award under the New York Convention, where the law of England is the lex arbitri and parties have opted-out of a reasoned award.
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