Blockchain start-up Finboot has partnered with the London Chamber of Arbitration and Mediation (LCAM) to provide its MARCO suite of applications for dispute resolution between businesses.
Last week, the UK government urged companies to avoid lawsuits for contractual disputes due to COVID-19 and advised mediation before invoking legal clauses. LCAM was recently set up as a business entity by the London Chamber of Commerce and Industries, the networking and business support organization.
LCAM offers arbitration, expedited arbitration and mediation services. It is using blockchain to administer the cases by optimizing case management, ensuring documents are securely uploaded, stored, and timestamped. The solution is expected to reduce administrative costs.
“This is the first time blockchain technology has been used in this capacity, enabling LCAM to provide rapid and secure case management delivery to help firms in London and beyond to settle disputes,” said Farad Asghari, Manager at LCAM.
Spain/UK-based Finboot is providing its blockchain as a service application MARCO BLOCKSTAMP. To date, MARCO solutions are mainly being used in the oil and gas, chemical, retail, and automotive industries. Finboot says it is blockchain agnostic and acts as a middleware for applications on Ethereum, Hyperledger Fabric, Quorum and Cordano.
“We believe blockchain has the power to transform all legal processes by delivering trust in their management and the way data is handled and stored, while driving efficiency and cost savings in both normal and remote operational environments,” said Juan Miguel Pérez, CEO and Co-Founder at Finboot.
Oil giant Repsol has an investment in Finboot. The start-up previously worked with Minexx to create a mining traceability platform.
In China, Baidu has launched a blockchain solution for legal arbitration. And some courts in the country are using a blockchain evidence platform.
