The article discusses the legal implications of multisignature (multisig) transactions on blockchain technology, notably in the context of international trade. It highlights how multisig protocols facilitate secure electronic transactions involving multiple signatures, reducing reliance on central authorities. The author explores the potential for raw multisig transaction data to be recognized as an arbitral award under the New York Convention, addressing issues of dispute resolution and enforceability. The multisig framework promises a trust-less environment where disputes can be adjudicated by third parties, yet its legal status remains incompletely defined, emphasizing the need for further exploration.
"Multisig is a trust-less method for conducting electronic transactions that could possibly be used for international trade. For instance, a seller and buyer can set-up a multisig account and nominate a third party."
"Raw data of a multisig transaction may be recognized as an arbitral award under the New York Convention, where the law of England is the lex arbitri and parties have opted-out of a reasoned award."
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