Explain how smart contracts can be used for dispute resolution in web applications.
Smart contracts can be used for dispute resolution in web applications by providing a transparent and objective way to resolve disputes between parties. When a dispute arises, the smart contract can automatically execute a pre-determined resolution mechanism that is agreed upon by the parties involved. Here are some ways smart contracts can be used for dispute resolution in web applications: 1. Escrow mechanism: Smart contracts can be used to hold funds in escrow until certain conditions are met. For example, if a buyer and seller are involved in a transaction and there is a dispute, the smart contract can hold the funds until the dispute is resolved. Once the dispute is resolved, the smart contract can release the funds to the appropriate....
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Gitesh Khannaa
“smart contracts can be helpful in dispute resolution intwo ways Escrow account: it maintains the escrow account and kkeps the amount blocked in it untill the dispute is resolved. Refund mechanism: in case the contract conditions are not fulfilled and the goods didn't reach the buyer within the stipulated time it refunds the amount in the buyers account”
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