A method to facilitate gamified arbitration of disputed smart contracts, the method comprising:
- receiving, using a communication device, a smart contract data associated with a disputed smart contract from a distributed ledger system, wherein the smart contract data comprises at least one of an arbitration clause and information about a plurality of participants of the disputed smart contract and an associated security deposit data, and the associated security deposit data comprises information about a plurality of security deposits received from the plurality of participants to create a security deposit fund;
- transmitting, using the communication device, an arbitration request to a plurality of arbitrator devices to arbitrate the disputed smart contract;
- receiving, using the communication device, an acceptance of the arbitration request from at least two arbitrator devices in the plurality of arbitrator devices;
- receiving, using the communication device, an arbitration stake from at least two arbitrator accounts associated with the at least two arbitrator devices, wherein the arbitration stake is added to the security deposit fund;
- anonymizing, using a processing device, the smart contract data to generate an anonymized smart contract data by removing identification details from the smart contract data;
- transmitting, using the communication device, the anonymized smart contract data to the at least two arbitrator devices;
- receiving, using the communication device, an arbitration result from the at least two arbitrator devices;
- allocating, using the processing device, a smart contract fund associated with the disputed smart contract amongst the plurality of participants based on the arbitration result, wherein the smart contract fund comprises a value of the disputed smart contract;
- allocating, using the processing device, the security deposit fund amongst the at least two arbitrator accounts in a plurality of arbitrator accounts corresponding to the at least two arbitrator devices based on the arbitration result;
- and
- transmitting, using the communication device, at least one rule to the at least two arbitrator devices for arbitration of the disputed smart contract;
- analyzing, using the processing device, the arbitration result;
- assigning, using the communication device, a rating to each of the at least two arbitrator accounts corresponding to the at least two arbitrator devices based on the analyzing of the arbitration result;
- and
- transmitting, using the communication device, the assigned rating to each of the at least two arbitrator devices;
- wherein the at least one rule comprises:
- a government policy retrieved from a government database;
- and
- a set of guidelines that at least two arbitrators associated with the at least two arbitrator accounts need to follow while performing arbitration of the disputed smart contract by:
- a participant in the plurality of participants being allocated zero percent of the smart contract fund as a penalization in response to the participant being determined, by the at least two arbitrators, via an indication from a machine learning algorithm, to have violated a law of a country that the participant is a resident of;
- and
- the plurality of participants being allocated zero percent of the smart contract fund in response to the disputed smart contract being determined, by the at least two arbitrators, via the indication from the machine learning algorithm, relating to an illegal activity.