Law 3.0 — An evolution toward on-chain legal resolution in Web3

cointelegraph.com:

Web3 is poised to revolutionize digital interactions, but this innovation is moving faster than the conventional legal system can manage it. Unlike traditional infrastructures that rely on intermediaries, Web3 is powered by blockchain, and most rules are enforced by code. How should people build trust in decentralized, trustless systems without an on-chain legal system?

While Web3 offers unprecedented opportunities, it also comes with unique challenges, one of which is Web3 conflict resolution.

Given the global and decentralized nature of Web3, conflicts could appear in many scenarios: criminal acts like hacks, scams, regulatory disputes and private law disagreements. These disputes can arise from interactions with centralized or decentralized exchanges, malfunctioning smart contracts or governance disagreements within decentralized autonomous organizations (DAOs). Moreover, virtual real estate ownership and transferability issues can become tangible, real-world grievances as the Metaverse evolves.

Conventional arbitration often relies on standard contractual relationships and traditional forums for dispute resolution. This approach may not fully address the uncommon intricacies of Web3 disputes, as the traditional legal system is ill-equipped to deal with the quirky legal challenges of the blockchain world. The lack of on-chain enforceability and the slow, expensive nature of traditional processes hinder the resolution of Web3 legal implications. More critically, the conventional legal system lacks the expertise and tech knowledge that the emerging Web3 space is built upon.

Source: MetaCourt

There is a need for an on-chain legal system that could integrate with the decentralized nature of Web3. Such a system would