In today’s globalized world, it is not an unusual occurrence a contract to be concluded by parties located in nine different countries. The resolution of disputes arising out of such international contracts requires significant financial resources, e.g., fees for translating documents in many different languages, court costs, and attorneys’ fees. Extensive investments in dispute resolution schemes are not feasible if the monetary value of the disputes is low. Furthermore, even if such investments are feasible, the contracting parties may not have the financial resources necessary for enforcing their contracts. As Chris Ellis, a co-founder of the open-source Internet currency Feathercoin noted: “At present justice only works if you can afford a lawyer to enforce that agreement. So once smart contracts have the ability to enforce agreements on their own it will be game-changing.”
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