United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards

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Decentralized Law: The legal jurisdiction of each Blockchain Corporation or Blockchain Trust®  is New York, USA, based on the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York, 1958) (the "New York Convention"). In other words, every owner of a Blockchain registered Trust Company agrees to abide by the above-mentioned U.N. Convention if any disputes arise and accepts the "SEAT OF ARBITRATION" in New York, USA, or any Member State of the UNCITRAL Convention.

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Each Blockchain Corporation or Blockchain Trust is constituted, registered and established on the Blockchain Networks and abides to the Laws and Regulations of the United Nations Commission on International Trade Law (UNCITRAL) regarding the international sale of goods; international commercial dispute resolution, including both arbitration and conciliation; electronic commerce; insolvency, including cross-border insolvency; international transport of goods; international payments; procurement and infrastructure development; and security interests.

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The New York Convention has been signed by 172 Nations, which can be verified on the United Nations website by clicking here...

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Why is the United Nations Commission on International Trade Law (UNCITRAL) valid in 172 countries?

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The United Nations Commission on International Trade Law (UNCITRAL) is not directly "valid" in countries in the way a law or regulation might be. Instead, UNCITRAL plays a crucial role in developing and harmonizing international trade laws and practices. Its influence and acceptance across a large number of countries stem from several factors:

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1. United Nations Affiliation:

   • UNCITRAL is a core legal body of the United Nations General Assembly. Its legitimacy is derived from its affiliation with the United Nations, which is a global organization representing a vast majority of the world's countries.

2. Global Representation:

   • UNCITRAL is composed of representatives from various legal systems around the world. Its membership is geographically diverse, allowing for a broad range of perspectives in the development of international trade laws.

3. Development of Model Laws:

   • UNCITRAL develops model laws and guidelines that serve as templates for countries to adopt or adapt in their domestic legal systems. These model laws aim to standardize international trade practices, making it easier for countries to engage in cross-border commerce.

4. Harmonization of Laws:

   • UNCITRAL works towards harmonizing international trade laws to facilitate smoother global trade. The harmonization process helps reduce legal barriers and uncertainties for businesses operating across borders.

5. Uniform Interpretation:

   • The work of UNCITRAL contributes to a more uniform interpretation and application of international trade laws. This uniformity enhances legal predictability and reduces disputes arising from conflicting legal frameworks.

6. Recognition of UNCITRAL Texts:

   • Many countries have recognized the importance of UNCITRAL's work and have incorporated UNCITRAL texts into their national laws. This recognition helps create consistency in the application of international trade rules.

7. Promotion of Best Practices:

   • UNCITRAL promotes the adoption of best practices in international trade, covering areas such as arbitration, electronic commerce, and procurement. Countries that adopt these best practices benefit from a more efficient and modern legal framework.

8. Arbitration Rules:

   • UNCITRAL has developed widely accepted rules for international commercial arbitration. The UNCITRAL Arbitration Rules are commonly used in international arbitration proceedings, contributing to the organization's global influence.

It's important to note that while UNCITRAL's work is highly influential, its texts are not automatically binding on member states. Countries may choose to adopt, modify, or reject UNCITRAL texts based on their own legal and policy considerations. The acceptance of UNCITRAL principles and model laws in 172 countries reflects a broad consensus on the importance of harmonizing international trade laws for the facilitation of global commerce.

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The United Nations Commission on International Trade Law (UNCITRAL) is a subsidiary body of the General Assembly. It plays a crucial role in improving the legal framework for international trade by preparing international legislative texts for use by States to modernize the law of international trade and non-legislative texts for commercial parties in negotiating transactions.

UNCITRAL legislative texts address the international sale of goods; international commercial dispute resolution, including arbitration and conciliation; electronic commerce; insolvency, including cross-border insolvency; international transport of goods; international payments; procurement and infrastructure development; and security interests. Non-legislative texts include rules for the conduct of arbitration and conciliation proceedings, notes on organizing and conducting arbitral proceedings, and legal guides on industrial construction contracts and countertrade.

INCREASING POPULARITY IN THE USE OF E-COMMERCE

Taking into account international legal instruments, such as the 1985 UNCITRAL Model Law on International Commercial Arbitration, as subsequently revised, particularly concerning article 7, the UNCITRAL Model Law on Electronic Commerce, the UNCITRAL Model Law on Electronic Signatures, and the United Nations Convention on the Use of Electronic Communications in International Contracts.