Creating and enforcing a watertight contract between two global parties is a challenging task. For starters, the world is rapidly evolving, and as a result, many contracts are in dispute. Though not unheard of, contract disputes are becoming commonplace and there is an increasing need to evolve systems. Today we talk with Mark Beer, a world-renowned buyer and once Chief Executive of the Dubai International Financial Centre’s Dispute Resolution Authority. We open the episode by taking a peek at the process behind setting up and running the Dubai International Financial Center. Mark tells us about customer segments, their habitual trust, and how to create trust in new systems. We then turn our eyes toward the future and dissect what a de-globalized world looks like. Mark touches on democracies, autocracies, and the rise in nationalism, as well as how new systems can and have been built without civil resistance. Stay tuned and you will hear Mark’s thoughts on the Belt and Road development project and the changing scope of global commerce systems. In the latter half of the episode, Mark describes oracles, their uses, and why digitization is a major catalyst for change. After hearing about AI-based judgment, we talk to Mark about the transsystemic system and dive into its characteristics before finding out how new, neutral financial systems are created. Toward the end of the show, we take a deeper look at these systems and uncover their favorable and less favorable characteristics. Be sure to tune in with us today!
Key Points From This Episode:
• Introducing today’s guest, Mark Beer.
• Mark tells us about the process behind setting up and running the Dubai International Financial Center.
• The secret behind designing new systems that people will trust.
• Why reforming a judiciary can take up to 14 years.
• How the Belt and Road development project is altering the global scope of commerce.
• Mark’s predictions for Belt and Road moving toward a smart contract landscape.
• The need to build a court based on blockchain.
• Why people are using oracles to help solve disputes.
• Smart contracts cover many question marks before the fact.
• Digitization as a way forward for many countries.
• How AI-based judges are starting to make better decisions than human judges.
• Hear why common law disputes take so much longer than civil law disputes.
• The transsystemic legal system has been pioneered in Canada.
• Mark tells us about the new financial center in Kazakhstan.
• How neutral financial systems are created.
• Why enforcement is at the heart of financial centers.