CHINA TO BUILD ONLINE RULING SYSTEM ON THE BLOCKCHAIN - PowerPoint PPT Presentation
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CHINA TO BUILD ONLINE RULING SYSTEM ON THE BLOCKCHAIN
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Last few years we have seen many developments in the field of technology and Blockchain is one of them. It has the potential to transform the industry positively. At the core, this technology offers an immutable ledger which allows you to store the information in chronological order. – PowerPoint PPT presentation
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Title: CHINA TO BUILD ONLINE RULING SYSTEM ON THE BLOCKCHAIN
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China to build online ruling system on the
Blockchain
- Last few years we have seen many developments in
the field of technology and Blockchain is one of
them. It has the potential to transform the
industry positively. At the core, this technology
offers an immutable ledger which allows you to
store the information in chronological order.
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- Most of the time when we talk about Blockchain
then the first industry that pops up is financial
sector, But the fact of the matter is that it
finds application in myriads of other fields.
Aiding financial transactions is just one aspect
of it. Well, one of the most unconventional areas
which we can think about using Blockchain is the
legal sector.
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- An important point to note here is that there are
some noteworthy changes in the legal sector and
this technology has emerged as a solution with
the help of which we can keep the case records,
evidence and other paperwork safe, secure and
transparent at the same time. China has already
taken the initiative in this domain. It has
legalised the Blockchain-based evidence in the
court.
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- With Blockchain mingling with the legal
framework, we can expect a hassle-free,
paper-free working of the entire legal system.
Moreover, Blockchain interconnects various nodes
thus allowing them to keep a check that the data
or the information in the ledger is tamper-free.
In this blog, I will be sharing the latest
development that has taken place in this domain.
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- China has decided to build a new ruling system
based on Blockchain. In fact, a start-up has
already presented a protocol for the same. It is
not just China, but we have the Global Legal
Blockchain Consortium which is working towards
standardising and promoting the adoption of
Blockchain in the legal system.
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What is happening in china?
- Well, whenever there is a news related to
Blockchain or cryptocurrency, China emerges as a
name which has opposed it yet working on this
technology. Although China has banned Bitcoin and
other cryptocurrencies, it continues to work
towards the application of Blockchain in
different industries. In fact, it is supporting
the Blockchain start-ups. All this will bring
China on the podium when it comes to Blockchain
development.
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- It has already adopted Blockchain in the legal
system by legalising the evidence verified by the
Blockchain network. And the latest news regarding
building up a new ruling system based on
Blockchain has again created an enthusiasm in the
market.
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So, what is Happening there in china
- In September, The Nanjing Arbitration Committee
came up a Blockchain based network. As per this
arbitration committee, the newly developed system
is integrated with Blockchain network for storing
data in legal disputes. - China, in 1995 announced the formation of
arbitration committee which as per the government
will have the right to give the ruling in matters
related to contract in the field of real estate,
financial and business sector.
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- The new platform initiated by this committee has
gone live but is now working on a trial basis.
This is to check the performance and the ability
of the ledger to handle the influx of
information. This system will enable the involved
parties to see the evidence on the immutable
platform and distribution network which the
Blockchain offers. Since Blockchain gives quick
access to information, with its intervention in
the legal system, the ruling for the case will
become quick, and we can have the outcome in 30
days of filing. It will also reduce the cost
involved in the entire process. - .
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Which type of data will the system store?
- The new Blockchain enabled platform by the
Nanjing Arbitration Committee can record the
following data like evidence deposition platforms
and will interconnect the financial institutions
and other arbitration committees which are
uploaded in the system. This entire information
will be distributed to the participating nodes.
Thus, they can access any information from
anywhere and at anytime but cannot alter or
change it.
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- Before this Chinas Supreme Court has already
announced the legalisation of the evidence
verified by the Blockchain network. Well, it is
not the first arbitration committee in China to
come up with a Blockchain enabled network, the
Guangzhou Arbitration Committee has also come
together with WeBank which is owned by Tencent,
and they will use the Blockchain platform in
cases related to loan defaulters. All the data
stored on to the Blockchain network.
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The Future-
- When we look at this move, it all seems very
positive and effective, Undoubtedly, Blockchain
does offer a series of benefits, and it will cut
down the cost that one has to bear during the
legal proceedings, it is both time and money. But
Blockchain is also not completely impervious. The
system is susceptible to attacks and requires a
lot of resources. We are still unaware of the
fact, how Blockchain enabled platform will handle
a large volume of data exchange. Since most of
the Blockchain based systems are at a nascent
stage or trial version, so we have to wait and
watch before taking the final call on its
complete adoption.
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- Another real-world application of hybrid
blockchains includes Ripple network and the XRP
token. Ripple has regularly been criticised for
its centralised nodes which can arbitrate
transactions in the case of a dispute. But by
adding a public blockchain to verify the
operations of its private blockchain can make the
network much more secure for its users.
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- You can check out our certifications, and kick
start your career in the Blockchain space today. - Certified Blockchain Expert
- Certified Blockchain Expertv2
- Certified Blockchain Developer
- Certified Smart Contract Developer
- Certified Solidity Developer
- Certified Ethereum Developer
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