Economics, Arbitration and Technology: Digitalization Trends in Nordic Dispute Resolution.
DOI:
https://doi.org/10.58932/MULE0024Keywords:
Arbitration technology, Economy, Digitalization, Nordic States, Alternative Dispute ResolutionAbstract
Arbitration is a dispute resolution process where parties agree to submit a dispute to one or more arbitrators who make a binding decision, avoiding the need for a court appearance. In recent years, the integration of digital solutions into arbitration processes has gained momentum worldwide, promising greater efficiency, accessibility, and transparency. The Nordic region's robust legal systems and innovation-driven economies are driving the fusion of technology and arbitration in dispute resolution, revolutionizing the process. Issues concerning intellectual property, data privacy, and online contracts are becoming increasingly prevalent. The research will examine how the digitalization of the economy is giving rise to new types of disputes and delves into the evolving landscape of arbitration, exploring how these three elements – arbitration, economic trends, and technological advancements – is shaping the future of how disagreements are settled in the Nordic region. Drawing upon a multidisciplinary approach, this research examines how digital solutions are transforming arbitration processes in Nordic countries, from online case management platforms to virtual hearings and electronic evidence management systems. Through empirical analysis, case studies, and comparative assessment, the study evaluates the economic implications of digitalization for Nordic arbitration, including its impact on cost-efficiency, accessibility, and the attractiveness of Nordic jurisdictions as arbitration venues. Moreover, the paper examines the evolving regulatory landscape governing technology-enabled arbitration in Nordic jurisdictions, identifying key legal considerations, procedural implications, and best practices for practitioners and stakeholders. By offering insights into the nexus of arbitration, economy, and technology in the Nordic context, this research contributes to a nuanced understanding of the evolving dynamics of dispute resolution in an increasingly digitalized world, while providing practical guidance for navigating the complexities of modern arbitration practice.
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