Saturday, July 20, 2019

Blockchain Evidence Is Now Legally Binding – China’s Supreme Court Declares

Pieces of evidence found on the blockchain are now legally binding on legal disputes in China. This was revealed alongside new rules by the Supreme People’s Court of China on the 7th September.

Blockchain Evidence For Settlement of Dispute In Chinese Court Of Law

The Chinese court of law has been debating on the appropriate measures for its court. Especially, as it pertains to disputes related to internet issues, involving digital data. It’s Hangzhou internet court had previously ruled in a copyright infringement case in June that blockchain evidence was legally binding.

China created its first internet court last year, and plans are underway to create two more internet courts. Thus, the need to work out proper regulations.

On the 7th of September 2018, the China People’s Supreme Court released some regulations that are to take effect immediately. The regulations clarify how the internet court should review disputes related to digital technologies.

One of the regulations states that the blockchain evidence is legally binding for settlement of disputes. According to the released document, it indicates; the internet court shall henceforth recognize digital data submitted as evidence provided the relevant parties collect and store the data on the blockchain with digital signatures, reliable timestamp, and hash value verification or via a digital deposition platform, and can prove the authenticity of the technology used.

The new regulations were passed by the consensus of the judiciary committee in a meeting held on the September 3rd.

China And The Cryptocurrency Industry

Notably, the new development in the Chinese law court shows the inherent advantages of blockchain technology as it continues to impact every facet of the human society. The technology has been proven to be useful for the legal system; it has equally distinguished itself by playing a significant role in marriage, healthcare, academic, supply chain and many more. Its importance has made it an essential tool for adoption for countries and tech firms globally.

Related Article:  Western Union Teams Up with Blockchain Firm to Ease Cash Payments in the Philippines

Even though the blockchain technology has been well received in China, as it is used in the legal system, building its future city project, revamping its taxation system among others, the country has banned cryptocurrency and its related activities.

The ban has been guided by the decision to promote the national currency of the country, as against cryptocurrency. The volatility of the cryptocurrency market, due to manipulations and scams is also a factor for the government’s action.

Despite the clamp down on cryptocurrency activities, there has been increasing interests by the citizens, with the country still recording high rate of peer-to-peer cryptocurrency trading.

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