On Friday the Chinese court’s ruling set the new rules and guides in help with the proceedings of the internet courts.
The ruling has been roughly translated by one of the portals as, “The electronic data submitted by the parties can prove their authenticity through electronic signature, trusted time stamp, hash value check, blockchain, and other evidence collection, fixed and tamper-proof technical means or through electronic forensic evidence platform certification. [a rough translation]”
Crypto currencies have been relentlessly cracked down in China. Despite this, the supreme people’s court, which is the highest level in court in the mainland area of the People’s Republic of China has declared that the Block Chain Data on distributed ledger is valid for legal trials in China.
If any of the parties involved are going to question the data, the validity of the data can be done by making use of the blockchain technology.
This new ruling given by the Supreme Court is in agreement with the precedence that has been set by the Hangzhou Internet Court earlier this year.
When there is a case between a media company and a technology company, the Hangzhou Internet Court ruled that the authenticity of the digital information presented for the trial can be verified with the decentralized technology.
The coming of the internet courts was because of the increasing numbers of disputes related to trade and copyrights in the country.
Beijing and Guangzhou are two other places to get internet courts very soon per government plans.
When there is a comparison between the cryptocurrency and blockchain the Chinese Government is eagerly willing to embrace the blockchain technology.
The Initial Coin Offerings were banned by the government. Domestic cryptocurrency trading and exchanges were as well banned. On the extreme, they even restricted content about crypto online. However, the government is willing to adapt to the distributor ledger technology to be applied in trade and other sectors.
Per the EW report early in April this year, a ship of Gasoline was shipped to Singapore by making use of the blockchain technology, by “State-owned Sinochem Energy Technology Co Limited.’
Even private companies in China are willing to adopt to the blockchain technology in order to drive the decentralized technology based innovation globally.
In the race of adopting the blockchain technology, companies like Alibaba and Tencent are ahead in the race.
Nearly 56% of the distributed ledger technology belong to the Chinese companies. Even the Central Bank of the country has filed for more than 68 patents related to Decentralized Ledger Technology.
Since the cryptocurrency trading is completely based on DLT technology and blockchain, people and regulator perception on blockchain technology will be improved. The current scenario is just a regulatory glitch in the cryptocurrency ecosystem.
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