Decentralized arbitration is a system where disputes are resolved without a central authority. In traditional arbitration, a single entity decides the outcome, which can lead to biases or delays. With decentralized arbitration, the decision-making is distributed among multiple parties, often using blockchain technology for transparency and security.In this setup, a network of arbitrators, often chosen by participants in a specific agreement, assesses the evidence and votes on the resolution. This process reduces the risk of corruption and enhances trust among users.Smart contracts can facilitate this process by automatically executing agreements based on the arbitrators’ decisions. As a result, participants are more likely to adhere to rules, knowing there’s a fair system in place.Decentralized arbitration aims to create a more equitable way to handle conflicts, empowering individuals while lowering costs and increasing efficiency compared to traditional methods.