In a country where cryptos are being outlawed and institutions promoting them removed from the digital spectrum, it’s surprising to hear that China’s supreme court is accepting evidence verified by a blockchain. The new ruling comes as China updates its litigation process and the rules surrounding it. Unlike Malta, who are rather slow at implementing new laws, these new laws in China are effective immediately.
World’s First Dedicated Internet Crime Court
Back in August 2017, China got its first court dedicated to internet related criminal activity. The only cases to pass through this court will be internet related, while the first case to be trialed at the court using only blockchain verified evidence was heard in January this year. The court has been so successful in processing internet related crimes, China has two more planned to open towards the end of 2018.
China Clamping Down on Crypto
In late August, China officially banned all commercial crypto related activity. As such, a number of top Chinese firms have jumped on the bandwagon and are culling crypto firms from their services. Baidu – the Google of China – has closed multiple crypto related forums and adjusted its search engine ranking algorithm to remove crypto related sites. WeChat – one of the largest social media networks in the world – has also closed down a number of high-profile crypto accounts, including the popular crypto exchange Huobi. This clampdown has generated plenty of controversy, especially given the fact that the Chinese government is beginning to look favorably towards blockchain technology.
First Wuchang Rice, Next the World
In the recent weeks, local Chinese governments have been working on forming partnerships with blockchain firms to secure local infrastructure and goods. Most notably, the Wuchang province has decided to put its famous Wuchang rice on a blockchain to speed up delivery times and reduce the amount of counterfeit products on the market. This is just one of a number of new local government blockchain projects going on in China at the moment.
Blockchain Fever Grows
Around the globe, blockchain technology is becoming more popular, as more companies are beginning to implement it in their operations. Fishcoin is implementing a blockchain to help prevent the seas from being overfished, it will also reduce fish theft and black market sales. Blockchain can be used in almost every industry from shipping to diamond production, and more companies are looking to take advantage of the technological revolution.
As more companies begin to implement blockchain technology, the need for law courts that accept blockchain verified evidence is growing. Eventually, most transactions will be carried out using blockchains and distributed ledger technology, so traditional evidence will be harder to come by. China is taking a huge step forward by accepting blockchain evidence as valid, so hopefully other countries will note its success and follow suit.