Q Protocol Adopts International Chamber of Commerce's Arbitration Rules for DeFi Disputes

According to CoinDesk, Q Protocol, a blockchain governance service provider for decentralized organizations, will use the International Chamber of Commerce (ICC)'s arbitration court rules to resolve disputes in the decentralized finance (DeFi) sector. The adoption of the ICC's framework, one of the world's leading arbitration institutions, lends unprecedented credibility to the DeFi space. Q Protocol's constitution, which lays down the rules of the system, includes the resolution mechanism of the ICC's International Court of Arbitration. The protocol enables developers to create organizational constitutions enforced by smart contracts, including off-chain avenues for resolving disputes that code cannot address. Historically, dispute resolution has been a challenge in DeFi, as demonstrated by the Aragon Foundation's clash with activist investors, which led to the foundation's dissolution and the distribution of its $155 million in assets to token holders. The ICC's rules are often used for private arbitration, as they tend to be faster than nation-state-based jurisdictions. Alexander G. Fessas, secretary general of the International Court of Arbitration, confirmed that the court has already administered blockchain-related disputes. He added that the court's mission is to ensure access to justice and the rule of law, and it is encouraging to see businesses in emerging industries like blockchain choose reputable institutional arbitration. Q Protocol's constitution mentions the ICC's arbitration rules, and 13 projects have signed on to use the services. The Q Protocol mainnet began operations in March 2022, and 123 decentralized autonomous organizations have built their organizations on the platform.