Chinese Judicial Blockchain Platform Used to Store Evidence Sees 18% More Activity

Chinese Judicial Blockchain Platform Used to Store Evidence Sees 18% More Activity

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The number of evidence stored by the Chinese judicial blockchain platform increased by 18% Since May 2022, according to local media reports. The platform represents a blockchain consortium set up by the Supreme Court of China to create a network that connects several blockchains belonging to courts across the country.

Chinese Judicial Blockchain Platform Stores 2.6 Million Pieces of Evidence

The blockchain platform used by Chinese courts has stored 18% of evidence since May 2022, according to a report by local outlet Legal Daily. The report added that the stored quantity increased to more than 2.6 billion pieces of evidence during this period.

Chinese Judicial Blockchain Platform It refers to a blockchain consortium set up by the Supreme Court of China to connect the many blockchains used by local courts. The Supreme Court of China is also conducting additional studies on the application of blockchain evidence verification, smart contracts, and cross-chain cooperation, according to the report.

Earlier this year the Supreme Court Urging more local courts to implement blockchain technology and called for cross-chain cooperation between the country’s courts, police and regulators by 2025. The Supreme Court also released a document outlining how blockchain can help courts verify and share judicial data and legal documents.

In the document, the Supreme Court of China also said that cooperation with other blockchain platforms can significantly improve intellectual property protection, improve the business environment, and the social credit system, among other things. The document further proposes the use cases of blockchain “in administrative law enforcement” and “credit-based sanctioning, etc., and develop a model to automatically conduct investigation and monitoring in credit-based enforcement and sanction, so as to improve the work efficiency of cooperative enforcement.”

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China Focused on Blockchain and CBDC Use Cases Despite Crypto Ban

While China banned all cryptocurrency trading in 2021, the second most powerful country in the world has been actively exploring the use of blockchain technology, with the Chinese government approving several blockchain projects.

China has been particularly interested in the Central Bank Digital Currency (CBDC) and has made important developments in this area in recent years. The Chinese government has even issued digital yuan-denominated loans to local businesses, allowing them to expand their oversight of businesses in the country.

Earlier this week, it was reported that a third of the transactions of the CBDC pilot bridge project in China originate from companies in Shenzen. In September, Hong Kong’s central bank also said it expects to launch a wholesale central bank digital currency within 2-3 years.

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About the author

Tim Fries is the co-founder of The Tokenist. He has a BA. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim has served as a Senior Associate on the Investment Team in RW Baird’s Private Equity division in the US, and is also the co-founder of Protection Technologies Capital, an investment firm specializing in sensing, protection and control solutions.

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