Artificial Intelligence (AI) in arbitration refers to the integration of advanced technologies such as machine learning, natural language processing, and data analytics into the arbitration process. It involves the use of AI-powered tools to streamline and enhance various aspects of dispute resolution. The significance of AI in arbitration lies in its ability to expedite proceedings, reduce costs, and improve the overall efficiency and fairness of the arbitration process. By leveraging AI, arbitration can keep pace with the demands of the modern world.
The potential for AI applications in arbitration is vast and continues to expand, transforming the way disputes are resolved. Here’s an exploration of how AI, including predictive analytics, smart contracts, and online dispute resolution (ODR) platforms, can shape the future of arbitration:
Source: Barandbench
