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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