CHINA TO LEGALISE BLOCKCHAIN BASED EVIDENCE IN COURTS

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China to Legalise Blockchain Based Evidence
in Courts

• Blockchain Technology has the potential to
  disrupt almost all the business verticals
  positively. It comes with myriads of features
  which can seal the bottlenecks that the current
  technology offers. Thus, creating a system which
  is highly transparent and safe. One of the
  unconventional areas of application of blockchain
  technology that we can think about is legal
  cases. Well, this is not just a theoretical
  concept China has legalised blockchain based
  pieces of evidence in court.

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What is the Buzz?

• Well, it might sound astounding to many that
  blockchain can find application in court cases,
  but yes, with its certain features, blockchain
  can become an integral part of the legal system.
  In this blog, I will be highlighting these
  features of blockchain and what is the initiative
  taken by China.

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Use of Blockchain in legal cases -

• As mentioned earlier blockchain use cases in
  legal issues are unconventional and a new
  concept. However, countries like China have
  understood the importance of the same and thus
  have implemented and legalised the blockchain
  evidence. But, the question that keeps on
  pondering is how blockchain is being used in
  court cases.

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• The blockchain can store information and offers
  immutability of data. It lets this technology
  provide a higher accuracy and precision. Similar
  to other industries, the legal industry is also
  trying to transform its operations and make it
  more effective and Distributed Ledger Technology
  is here to offer the much-needed change.
• With the help of this technology, we can validate
  records of, and legal firms can easily maintain
  an accurate chain of custody and other legal
  activities.

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• In the present scenario, most of the lawyers are
  overloaded with a plethora of paperwork.
  Maintaining the records of all the cases manually
  is a daunting task. With the help of Blockchain,
  we can bring all this data on a platform which is
  easily accessible by the legal advisors and law
  firms. Moreover, having a record of all the cases
  on the ledger will make it impervious to hacking
  or any alteration. Thus, making the entire system
  foolproof.

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• The Global Legal Blockchain Consortium aims at
  making the decentralisation as the core of the
  business law. As per the report of PwC (2017),
  the law firms would use smart contracts for
  transactional legal services.
• The reason for such acclivitous growth is that
  blockchain offers immutability and safety of
  data. Moreover, the data is easily accessible to
  the people in the network. Thus, making it easy
  for the lawyers to get quick access to
  information thus saving a lot of time. Blockchain
  finds application in case of UCC filings, legal
  opinions, funds transfers, and contracts.

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Chinas Initiative -

• Chinas inclination to promote blockchain
  technology has made it one of the most prominent
  promoters of this technology. Despite banning
  Bitcoin at one time, China has made the
  initiative to promote startups who are working on
  the application of blockchain.
• The recent development in this domain when China
  announced legalised the blockchain based evidence
  in court. Internet courts will recognise the
  digital data which relevant parties submit and
  have stored this data via blockchain along with
  digital signatures, hash value, and reliable
  timestamps.

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• China has started the worlds first court that
  handles trials for internet-related cases on an
  online net court web platform. This January, the
  court handled its first case with
  blockchain-derived evidence.

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What are the other areas of application of
Blockchain in the legal field?

• Apart from legal evidence storage, Blockchain
  finds application in various other aspects of the
  legal domain. Here is an illustration of the
  same
• Smart contracts- Even today, the legal contracts
  are written and have physical signatures. With
  the help of blockchain, we can change this
  process and have smart contracts replacing the
  legal handwritten contracts. The smart contracts
  can be directly executed between the relevant
  parties having lesser lawyer involvement.

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• Intellectual property IP or Intellectual
  Property is the biggest concern for legal firms.
  Whether in the digital era protecting the
  intellectual property of images, videos and audio
  files has become a daunting task. It not only
  affects the authenticity of the work but at the
  same time, it also leads to monetary loss of its
  owner. Companies like NKOR promise provides a
  platform where one can register IP and anchor it
  to the blockchain.

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• Financial transactions- It will become important
  for the lawyers to know about cryptocurrencies.
  Since they are now becoming a part of the
  mainstream financial transaction and their
  increased use among the criminals will become a
  case study for the lawyers and them to work on it
  efficiently, it will become important for the
  lawyers to know about cryptocurrencies.

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• Notary public In the present scenario, the
  notary publics confirms and verifies the
  signatures on legal documents. However, with
  blockchain technology, we can preserve these
  documents digitally as a part of DLT.
• Thus, we see that Blockchain does offer some
  benefits to the legal friends. It will not only
  simply the work of the lawyers but also saves
  their time. However, the technology is still at a
  nascent stage, and we have to see how Blockchain
  will perform when it becomes a part of mainstream
  functioning.

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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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