Jur Chats: Architecting the Future with Tech

Blockchain technologies such as NFTs, smart contracts, and the metaverse, have been creating a lot of hype and promise for a more decentralized future that is built around the concept of processes that are inherently trustless. And while they do seem to hold the promise of resolving a number of challenges faced by the Web2 world of today, due to how complicated the tech behind blockchain is, it’s still not as widely accepted. To increase adoption and general acceptance, systems have to be in place to support its integration into everyday life. So how exactly can this be done? 

We will answer this and more in this issue of Jur Chats, where we have Cezary Olborski — our Chief Technology Officer — talk to us about how these innovations can integrate into systems that could help architect the future of tech. 

Understanding tech of the present into the future

To be able to utilize tech innovations and benefit better from the systems, people must have a deeper understanding of what they are and how they work. According to Cezary, if people trust these types of tech better, communities will also prosper to support them, and in time would acquire higher value which incentivizes the community that helped it grow. 

Cezary explains to us what and how technological innovations in the last couple of years could be integrated into people’s daily lives. 

  • Blockchain: A blockchain is a digital platform that is a public ledger where information and assets are stored. The general idea of blockchain is based on decentralization and neutrality, where the people on the platform are incentivized to continue updating the ledger through transactions on the blockchain. As the platform attracts more users and partners, the value of the token will increase in value. 
  • Metaverse: The metaverse is a virtual world where people may own digital assets, win or find them, and use them to buy anything defined by the creators. It uses current augmented reality and virtual reality to immerse users into its created world and interact with overlaying objects and people in the visual projected in front of them. It is a platform where everything within the boundaries set by creators is possible. Imagining the Metaverse as a Decentralized Autonomous Organization (DAO) based on well-defined smart contracts will allow virtual reality to become a powerful environment to interact and eventually transact in.
  • NFTs: Nonfungible tokens, or NFTs, are digital representations of an asset — whether they exist in a physical or digital form. It contains information about the ownership of the asset, as well as the rules related to transferring it to other users. NFTs have been around since 2014, but have become increasingly popular in the 2020s as a way to buy and sell digital artwork. Compared to cryptocurrencies that can be traded or exchanged for one another, NFTs contain a unique digital signature — making it impossible to simply be exchanged without proper transfer of ownership of the asset. 

“All new technologies need some effort and nothing is for free, but this is how the world is changing and how everything is getting more and more innovative and optimized,” Cezary says. 

Both the Metaverse and NFTs cannot exist without blockchain as it needs a trusted decentralized community to protect assets and make sure that creators or other users do not steal from each other. The blockchain stores user information where assets could be traded or exchanged. 

NFTs have become similar to a physical collector’s item, but in digital form — instead of getting the artwork, the buyer gets a digital file that proves the ownership of the material. The future of NFTs may help collectors verify the authenticity of their physical items once it is registered as an NFT which indicates specs of the assets. NFTs do not only work with art but with any kind of asset such as:

  • Music
  • Video game items
  • Trading cards
  • Collectible items
  • Memes
  • Domain names

Having a digital public ledger that contains all transactions happening in a blockchain could become another avenue to make transactions faster and at a reduced cost since users maintaining the ledger will get incentivized. It also provides better visibility and traceability of data shared across a business network, which can be cost-saving because of the efficiency it delivers. 

Challenges in implementing tech

However, Cezary admits that the adoption of tech remains slow. He says that companies are hesitant to experiment with new systems, which are prone to complications in their early stage of adoption due to the absence of a well-defined understanding of how it works and its requirements. 

“In the real world, we are used to delegating our trust whenever possible. We trust systems that have been standardized and certified. There are also governing bodies that will address our concerns on these systems if problems arise — which is not the case with new tech. In many cases, new tech is not so simple and there are no standards or good documentation to pinpoint and swiftly provide a quick fix,” Cezary describes. 

He explains that the best example of the challenges faced by tech with integration is Blockchain, specifically Bitcoin. The Bitcoin Network has existed for more than a decade, but governments and banks are still not ready to accept them as legal tender to do business. 

“Here we are going back to the trust factor. If you don’t have a central authority it’s hard to delegate responsibility and trust. If you can’t do this, you are responsible.”

Another roadblock to implementing progressive tech such as blockchain is that users remain anonymous. It could be difficult to verify the identity of owners and their IP rights to their digital assets. 

Despite the limitless possibilities of integrating into a blockchain ecosystem where money is decentralized, implementing its use remains bleak without support from the government. If the government is not ready to adopt the use of digital assets to acquire real-world commodities, assets stored in blockchain could be rendered worthless. 

Tech can also continuously bring innovations — even more than the real world — but people must first understand the benefits of decentralized solutions. This will eventually lead to people trusting the system and then encourage national governments to ease adoption into existing processes. 

The role of Jur in tech integration for justice

As Jur works on bringing justice closer to the people, integrating into a blockchain system helps make it easier to digitalize the process of dispute resolution for parties in need of our services.

Cezary says that the past year has been used to focus on designing and building the Jur Arbitration Platform for US-based users and arbitrators, and now it’s time for its rollout. 

“In the next few weeks, you can expect that we will start the rollout of the platform, and validate the value proposition with our first beta users. We are very excited that our activities attracted so many legal professionals, and we expect to get valuable feedback,” he adds. 

He also hints at possible innovative additions to Jur in the future, especially in the field of blockchain. 

Jur aims to make justice more accessible by integrating available tech into systems that will make it easier for people to conduct business — both online and offline.

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