Blockchain records are now accepted as legal evidence in some courts.. China is an example
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Answer Blockchain records are now accepted as legal evidence in some courts.. China is an example
Blockchain records in Internet courts in China can be counted as legal evidence. This follows the publication of new rules by China’s Supreme People’s Court stating that “blockchain records” will now be considered acceptable as a legal document.
According to the “South China Morning Post”, “internet courts” that deal with legal disputes related to the Internet, will now be in a position to recognize digital data as evidence to verify the validity or falseness of claims. digital. As mentioned in the regular declaration of the Chinese Supreme People’s Court the following:
“Internet courts should consider digital data provided as evidence if the parties involved collect and store such data via the blockchain. With digital signatures, trusted timestamps, hash value verification or a digital deposit platform, which can validate the technology used.”Read:Leaks reveal when JPMorgan will allow its users to invest in a bitcoin fund
On the other hand, this development was not surprising. This is because before these new rules were issued, China’s First Internet Court, which was established in Hangzhou three months ago, ruled that evidence certified using “blockchain technology” is binding and legally reliable. Also, the use of blockchain records as evidence acceptable in the Chinese court was not preceded by China in the rest of the world. Two years ago, the US state of Vermont signed a bill allowing digital records recorded on the blockchain to self-authenticate after establishing several rules to control evidence.
Managing Evidence Based on Blockchain Technologies
By the end of last month, the British government revealed plans to begin trialling blockchain technology that would allow evidence of the blockchain to be recorded. As CCN reported at the time, the decision was made in order to help assist British courts with blockchain technology, which is expected to create an incentive for protection and scrutiny of evidence management. The pilot project was initiated by the lead agencies including the Commission’s Courts and Affiliate Tribunal.
Thus, the use of blockchain records as evidence admissible in court in China, comes at a time when both the public and private sectors in the world’s second largest economy are seeking to use the technology of “decentralized” distributed accounts. An example of this is the largest online retailer in China.Ali BabaBy filing more than 10% of the world’s patents. The Chinese government has also given priority to blockchain technology in its current economic development plan along with other emerging technologies such as artificial intelligence and quantum computing.Read:JPMorgan CEO Criticizes Cryptocurrency Again
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