Whenever we talk about Blockchain technology, then its one of the most prominent use is restricted to the financial sector, but that was the relic of the past. Now we have new developments in this field and developers have expanded Blockchain’s application horizon to new fields like medical, real estate, health care, law, etc. One of the nations that have shown a growing inclination towards Blockchain development and promotion in China. In fact, it is that nation which has abandoned the use cryptocurrencies but is focussing on developing its own digital currency along with creating incubation centers for the growth of Blockchain startups.
The primary reason for China’s inclination towards Blockchain technology is that technology is omnipresent; you name the field and Blockchain will have its positive impact on it. China is aggressively promoting the startups to develop Blockchain based application. The objective of this move by China is to let it gain a competitive edge in the market. Today, technological development is the base for increasing the GDP and outshine others on the global platform, and with Blockchain, China is aiming to do.
Another prominent technology which is a bit older than Blockchain is Artifical Intelligence; AI forms the basis of new development, and it works on the interpretation of data and based on it, the actions are executed.
China is planning to amalgamate the benefits of AI and Blockchain to implement it in the Chinese Internet Court to provide judgment.
What is the new move by China?
Blockchain technology is making inroads in various business operations in China; whether it is about the development of Blockchain based applications or development of smart contracts, China has left no stone unturned to make Blockchain technology popular. It had earlier implemented DLT to settle court cases, and this recent announcement showcased how prominent is the presence of Blockchain technology in China.
In a recent announcement, Zhang Wen, the president of the Beijing Internet Court, said that Since the establishment of this court in 2019, around 15,000 cases had been processed using both DLT or Blockchain and Artificial Intelligence. He further went ahead and added that there are 58ncases that have announced usage of Blockchain technology for collection of evidence, thereby ensuring that the legal framework is efficient and correct. With this implementation, the legal evidence will be more authentic and will prove helpful for the judgment. Although the ruling is presently made by the human judge, bit over a period of time when AI and Blockchain will improve, then the decision making authority would be rendered to this technology.
Last year, The Beijing Internet Court had solved a case in Hangzhou using Blockchain technology. It handled the case against piracy for online writing and judge who was supervising the case said that the data provided by Blockchain is authentic because one the data makes an entry in this ledger, it becomes unalterable. Hence, any piece of information on Blockchain is authentic and reliable. The Supreme Court in China has already announced that evidence from Blockchain will be legally binding in disputes.
Zhang quoted that although the current ruling and law enforcement are parsed by a human judge, bit with the development of Blockchain technology and its latest development and improvement in Blockchain, it will soon replace the position of a human judge.
The reason China is relying on Blockchain technology is, it offers a tamper-free platform for data storage. Once any piece of information enters the ledger, it is difficult t manipulate it, thereby ensuring that every piece of data on this ledger is real and authentic.
The use of Blockchain continues to grow in myriads of filed, well, the legal framework is something that one would not expect to have the intervention of Blockchain technology, but with the rising pace and growth which DLT is making, we expect some huge changes in different areas of application of Blockchain. China continues to rule the market as far as the development of new technology is concerned. We have already seen Alibaba, one of the biggest wholesalers from China announcing the implementation of Blockchain technology; there are any big names plunging in this pool and with the only aim to make themselves gain a competitive edge thus increasing their business profit.