Blockchain Records Will now be Accepted as Legal Evidence, China’s Supreme Court

[HappyWhiteHuman]

Blockchain Records Will now be Accepted as Legal Evidence, China’s Supreme Court Rules
Internet courts in China will henceforth deem evidence authenticated using blockchain technology as being legally binding.

This follows the publication of new rules by the Supreme People’s Court of China which state that blockchain records will now be admissible in court. According to the South China Morning Post, internet courts which have been set up with a view of handling internet-related legal disputes will now be in a position of recognizing digital data as evidence upon verification by methods that include among others blockchain, time stamps and digital signatures.

An announcement by the Supreme People’s Court stated the following:

“Internet courts shall recognize digital data that are submitted as evidence if relevant parties collected and stored these data via blockchain with digital signatures, reliable timestamps and hash value verification or via a digital deposition platform, and can prove the authenticity of such technology used.”

Precedent-Setting Ruling
The development was, however, not entirely unexpected. Prior to the release of the new rules, China’s first internet court which was set up in Hangzhou, a city in Zhejiang Province, ruled three months ago that evidence which has been authenticated using blockchain technology is legally binding.

The use of blockchain records as evidence admissible in court in China is also not exactly a world-first. Two years ago, for instance, the U.S. state of Vermont signed a bill into law allowing digital records registered on a blockchain to be self-authenticating after passing some rules governing evidence.
https://www.ccn.com/blockchain-records-will-now-be-accepted-as-legal-evidence-chinas-supreme-court-rules/

[UconBit]

Since blockchain technology can be tracked and not easily hacked, I think that China is just right to consider blockchain records as evidence. This is a great idea that they are already applying it in their government. With this already set, it is only a matter of time that more industries adopt blockchain technology and apply it in their processes.

[m.roth]

Governments, regulators, lawmakers and other administrative institutions have to work hand in hand with new tech companies and adapt quicker. Speed is key, changes can not go through many different stages with years of delay. Blockchain applied in governmental processes will hopefully help on this development. Otherwise, there will be loopholes, scams, chaos to use for invidious behavior. Just look at how many ICO's are scams, how many ICO's sell a security token praised as a utility token; how many of you are going to specify crypto assets in your taxes?