China’s judicial blockchain platform used to store evidence sees 18% more activity
The amount of evidence stored by China’s judicial blockchain platform rose by 18% since May 2022, according to local media. The platform represents a blockchain consortium established by China’s Supreme Court to create a network connecting various blockchains belonging to courts across the country.
China’s judicial blockchain platform stores 2.6 million pieces of evidence
The blockchain platform used by Chinese courts has stored 18% more evidence since May 2022, according to the report by local outlet Legal Daily. The amount stored increased to over 2.6 billion proofs during the period, the report added.
The China Judicial Blockchain Platform refers to a blockchain consortium established by China’s Supreme Court to connect various blockchains used by local courts. China’s Supreme Court is also conducting further studies on the use of blockchain proof verification, smart contracts and cross-chain collaboration, according to the report.
Earlier this year, the Supreme Court encouraged more local courts to implement blockchain technology and called for cross-chain collaboration between courts, police and the country’s regulators by 2025. The Supreme Court also released a document outlining how blockchain could help courts verify and share legal cases. data and legal documents.
In the document, China’s Supreme Court also said that cooperation with other blockchain platforms can significantly improve, among other things, the protection of intellectual property rights, optimization of business environment and social credit system. The document further proposed blockchain’s use cases “in administrative law enforcement” and to impose “credit-based punishment, etc. and develop a model to automatically carry out investigation and control in enforcement and impose credit-based punishment, to improve the work efficiency of cooperative enforcement.”
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China Focused on Blockchain Use Cases and CBDC Despite Crypto Ban
While China banned all crypto 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 central bank digital currency (CBDC) and has made significant progress in this area in recent years. The Chinese government has even issued digital yuan loans to local companies, allowing them to expand oversight of businesses in the country.
Earlier this week, reports showed that a third of China’s CBDC bridge pilot project transactions originated from businesses in Shenzhen. In September, the central bank of Hong Kong also said it expects to roll out a wholesale CBDC in 2-3 years.
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About the author
Tim Fries is the co-founder of The Tokenist. He has a B. Sc. in mechanical engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate in the investment team at RW Baird’s US Private Equity division and is also a co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
