The Prospect of Legalising Smart Arbitral Award in Malaysia: An Analytical Overview
The role of smart contract and block chain is growing at astonishing speed globally and especially in the law world, owing to their valuable advantages. However, the Malaysian arbitration industry is still employing the traditional approach in practice. Specifically, the term smart arbitral award re...
| Main Authors: | , , |
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| Format: | Conference or Workshop Item |
| Language: | English |
| Published: |
2022
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| Subjects: | |
| Online Access: | https://repo.uum.edu.my/id/eprint/29929/1/UUM%20IQRC%202022_37_42.pdf |
| _version_ | 1825806083927572480 |
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| author | Labanieh, Mohamad Fateh Al Mashhour, Omar Farouk Hussain, Mohammad Azam |
| author_facet | Labanieh, Mohamad Fateh Al Mashhour, Omar Farouk Hussain, Mohammad Azam |
| author_sort | Labanieh, Mohamad Fateh |
| collection | UUM |
| description | The role of smart contract and block chain is growing at astonishing speed globally and especially in the law world, owing to their valuable advantages. However, the Malaysian arbitration industry is still employing the traditional approach in practice. Specifically, the term smart arbitral award remains mysterious because the arbitral award in Malaysia is still based on the traditional approach. This means that the arbitration award should be made “in writing” and contained the signatures of the arbitral members. This article examines the prospect of legalizing smart arbitral award in Malaysia using doctrinal legal research. Primary and secondary data are used and collected through a library-based approach. Concerning the data analysis, both types of data are analysed using analytical and critical approaches. As a result, it is discovered that block chain technology has eliminated the third party while maintaining a secure, immutable, irreversible, and authentic network, whereas smart contract has introduced an automatable and self-executable computer protocol. Furthermore, the smart arbitral award might be valid and legitimate in Malaysia. For more legal certainty, it is suggested that Malaysian lawmakers have to reform section 33 (1) of the Arbitration Act 2005 (Act 646). |
| first_indexed | 2024-07-04T06:43:10Z |
| format | Conference or Workshop Item |
| id | uum-29929 |
| institution | Universiti Utara Malaysia |
| language | English |
| last_indexed | 2024-07-04T06:43:10Z |
| publishDate | 2022 |
| record_format | eprints |
| spelling | uum-299292023-11-15T09:40:51Z https://repo.uum.edu.my/id/eprint/29929/ The Prospect of Legalising Smart Arbitral Award in Malaysia: An Analytical Overview Labanieh, Mohamad Fateh Al Mashhour, Omar Farouk Hussain, Mohammad Azam K Law (General) The role of smart contract and block chain is growing at astonishing speed globally and especially in the law world, owing to their valuable advantages. However, the Malaysian arbitration industry is still employing the traditional approach in practice. Specifically, the term smart arbitral award remains mysterious because the arbitral award in Malaysia is still based on the traditional approach. This means that the arbitration award should be made “in writing” and contained the signatures of the arbitral members. This article examines the prospect of legalizing smart arbitral award in Malaysia using doctrinal legal research. Primary and secondary data are used and collected through a library-based approach. Concerning the data analysis, both types of data are analysed using analytical and critical approaches. As a result, it is discovered that block chain technology has eliminated the third party while maintaining a secure, immutable, irreversible, and authentic network, whereas smart contract has introduced an automatable and self-executable computer protocol. Furthermore, the smart arbitral award might be valid and legitimate in Malaysia. For more legal certainty, it is suggested that Malaysian lawmakers have to reform section 33 (1) of the Arbitration Act 2005 (Act 646). 2022 Conference or Workshop Item PeerReviewed application/pdf en https://repo.uum.edu.my/id/eprint/29929/1/UUM%20IQRC%202022_37_42.pdf Labanieh, Mohamad Fateh and Al Mashhour, Omar Farouk and Hussain, Mohammad Azam (2022) The Prospect of Legalising Smart Arbitral Award in Malaysia: An Analytical Overview. In: UUM International Qualitative Research Conference (QRC), 28 - 30 November 2022, Virtual Conference. |
| spellingShingle | K Law (General) Labanieh, Mohamad Fateh Al Mashhour, Omar Farouk Hussain, Mohammad Azam The Prospect of Legalising Smart Arbitral Award in Malaysia: An Analytical Overview |
| title | The Prospect of Legalising Smart Arbitral Award in Malaysia: An Analytical Overview |
| title_full | The Prospect of Legalising Smart Arbitral Award in Malaysia: An Analytical Overview |
| title_fullStr | The Prospect of Legalising Smart Arbitral Award in Malaysia: An Analytical Overview |
| title_full_unstemmed | The Prospect of Legalising Smart Arbitral Award in Malaysia: An Analytical Overview |
| title_short | The Prospect of Legalising Smart Arbitral Award in Malaysia: An Analytical Overview |
| title_sort | prospect of legalising smart arbitral award in malaysia an analytical overview |
| topic | K Law (General) |
| url | https://repo.uum.edu.my/id/eprint/29929/1/UUM%20IQRC%202022_37_42.pdf |
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