Dubai: The Metverse as the place to resolve disputes?
The Dubai International Arbitration Centre is putting up that option, where those involved in the dispute can get onto the Metaverse platform and participate in finding a resolution. From wherever they might be in the world.
The process ‘provides an equal opportunity for all parties to participate in dispute resolution proceedings, minimising the impact of their resources or financial ability’.
“This new offering comes in line with Dubai’s aspiration to be a global Metaverse hub,” said Dr. Tariq Humaid Al Tayer, Chairman of DIAC. “It reinforces DIAC’s position as the leading international arbitration centre, enhances our capabilities to offer innovative and novel methods for resolving disputes, and reflects our vision to be the ultimate global destination for dispute resolution.”
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“As the use cases for the Metaverse continue to develop, parties can expect further advancements in virtual dispute resolution, such as AI-driven analytics, enhanced security measures, and personalised avatars for better user experience,” DIAC said in a statement.
Last year, the DIAC introduced new arbitration rules in line with international best practices, and ‘further consolidating Dubai's position as a dispute resolution hub’. A new strategy will be launched duringQ2-2023, along with improvements to corporate governance and operations.