CHINA TO BUILD ONLINE RULING SYSTEM ON THE BLOCKCHAIN - PowerPoint PPT Presentation

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CHINA TO BUILD ONLINE RULING SYSTEM ON THE BLOCKCHAIN

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Last few years we have seen many developments in the field of technology and Blockchain is one of them. It has the potential to transform the industry positively. At the core, this technology offers an immutable ledger which allows you to store the information in chronological order. – PowerPoint PPT presentation

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Title: CHINA TO BUILD ONLINE RULING SYSTEM ON THE BLOCKCHAIN


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China to build online ruling system on the
Blockchain
  • Last few years we have seen many developments in
    the field of technology and Blockchain is one of
    them. It has the potential to transform the
    industry positively. At the core, this technology
    offers an immutable ledger which allows you to
    store the information in chronological order.

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  • Most of the time when we talk about Blockchain
    then the first industry that pops up is financial
    sector, But the fact of the matter is that it
    finds application in myriads of other fields.
    Aiding financial transactions is just one aspect
    of it. Well, one of the most unconventional areas
    which we can think about using Blockchain is the
    legal sector.

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  • An important point to note here is that there are
    some noteworthy changes in the legal sector and
    this technology has emerged as a solution with
    the help of which we can keep the case records,
    evidence and other paperwork safe, secure and
    transparent at the same time. China has already
    taken the initiative in this domain. It has
    legalised the Blockchain-based evidence in the
    court.

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  • With Blockchain mingling with the legal
    framework, we can expect a hassle-free,
    paper-free working of the entire legal system.
    Moreover, Blockchain interconnects various nodes
    thus allowing them to keep a check that the data
    or the information in the ledger is tamper-free.
    In this blog, I will be sharing the latest
    development that has taken place in this domain.

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  • China has decided to build a new ruling system
    based on Blockchain. In fact, a start-up has
    already presented a protocol for the same. It is
    not just China, but we have the Global Legal
    Blockchain Consortium which is working towards
    standardising and promoting the adoption of
    Blockchain in the legal system.

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What is happening in china?
  • Well, whenever there is a news related to
    Blockchain or cryptocurrency, China emerges as a
    name which has opposed it yet working on this
    technology. Although China has banned Bitcoin and
    other cryptocurrencies, it continues to work
    towards the application of Blockchain in
    different industries. In fact, it is supporting
    the Blockchain start-ups. All this will bring
    China on the podium when it comes to Blockchain
    development.

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  • It has already adopted Blockchain in the legal
    system by legalising the evidence verified by the
    Blockchain network. And the latest news regarding
    building up a new ruling system based on
    Blockchain has again created an enthusiasm in the
    market.

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So, what is Happening there in china
  • In September, The Nanjing Arbitration Committee
    came up a Blockchain based network. As per this
    arbitration committee, the newly developed system
    is integrated with Blockchain network for storing
    data in legal disputes.
  • China, in 1995 announced the formation of
    arbitration committee which as per the government
    will have the right to give the ruling in matters
    related to contract in the field of real estate,
    financial and business sector.

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  • The new platform initiated by this committee has
    gone live but is now working on a trial basis.
    This is to check the performance and the ability
    of the ledger to handle the influx of
    information. This system will enable the involved
    parties to see the evidence on the immutable
    platform and distribution network which the
    Blockchain offers. Since Blockchain gives quick
    access to information, with its intervention in
    the legal system, the ruling for the case will
    become quick, and we can have the outcome in 30
    days of filing. It will also reduce the cost
    involved in the entire process.
  • .

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Which type of data will the system store?
  • The new Blockchain enabled platform by the
    Nanjing Arbitration Committee can record the
    following data like evidence deposition platforms
    and will interconnect the financial institutions
    and other arbitration committees which are
    uploaded in the system. This entire information
    will be distributed to the participating nodes.
    Thus, they can access any information from
    anywhere and at anytime but cannot alter or
    change it.

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  • Before this Chinas Supreme Court has already
    announced the legalisation of the evidence
    verified by the Blockchain network. Well, it is
    not the first arbitration committee in China to
    come up with a Blockchain enabled network, the
    Guangzhou Arbitration Committee has also come
    together with WeBank which is owned by Tencent,
    and they will use the Blockchain platform in
    cases related to loan defaulters. All the data
    stored on to the Blockchain network.

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The Future-
  • When we look at this move, it all seems very
    positive and effective, Undoubtedly, Blockchain
    does offer a series of benefits, and it will cut
    down the cost that one has to bear during the
    legal proceedings, it is both time and money. But
    Blockchain is also not completely impervious. The
    system is susceptible to attacks and requires a
    lot of resources. We are still unaware of the
    fact, how Blockchain enabled platform will handle
    a large volume of data exchange. Since most of
    the Blockchain based systems are at a nascent
    stage or trial version, so we have to wait and
    watch before taking the final call on its
    complete adoption.

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  • Another real-world application of hybrid
    blockchains includes Ripple network and the XRP
    token. Ripple has regularly been criticised for
    its centralised nodes which can arbitrate
    transactions in the case of a dispute. But by
    adding a public blockchain to verify the
    operations of its private blockchain can make the
    network much more secure for its users.

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  • You can check out our certifications, and kick
    start your career in the Blockchain space today.
  • Certified Blockchain Expert
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  • Certified Smart Contract Developer
  • Certified Solidity Developer
  • Certified Ethereum Developer

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