Innovation Helps with Sustainable Business, Law, and Digital Technologies: Economic Development and Dispute Resolution

Shumin Wang, Yincheng Li and Muhammad Bilawal Khaskheli ()
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Shumin Wang: School of Law, Dalian Maritime University, Dalian 116026, China
Yincheng Li: School of Law, Dalian Maritime University, Dalian 116026, China
Muhammad Bilawal Khaskheli: School of Law, Dalian Maritime University, Dalian 116026, China

Sustainability, 2024, vol. 16, issue 10, 1-18

Abstract: This paper discusses the dispute resolution procedure that innovative digital commerce has adopted for the future for sustainable business. As digital trade becomes increasingly important for economic growth, trade-related disputes must be settled in both business and consumer situations. This study examines the advantages of using digital technology to resolve disputes involving digital trade and discusses how digital technology is changing traditional dispute resolution procedures. Conventional trade disputes differ from their digital counterparts because the digital sphere gives rise to more complex trade conflicts that require stronger regulatory resources. The utilization of digital technologies such as blockchain, artificial intelligence, innovation-based models, digital strategies, and others can enhance the efficacy of conflict resolution. Digital technology can assist in resolving disputes with digital trade, even though procedural fairness issues including prejudice and algorithmic opacity may also arise. The research highlights the importance of developing innovative techniques to set up trade dispute resolution procedures and building legal frameworks for jurisdiction, trial, and enforcement procedures in addition to stressing the usage of digital technology.

Keywords: digital technology; business performance; dispute resolution; economic development; innovation; artificial intelligence; law (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2024
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