The Nanjing Arbitration Committee is a new blockchain platform designed to be legal. The organization officially announced this September 27.
China's regional arbitration committees were established in 1995 with the passage of the Arbitration Law, and operated as arbitration, mediation, and other disputes resolution as an alternative to litigation.
According to today's announcement, the Nanjing Committee's new platform:
"Makes a complete use of blockchain technology, and coexists with depository institutions, financial institutions, and arbitration institutions to deposit electronic data [and enable] real-time evidence preservation, electronic delivery, online trials and rulings. "
The Committee is based on the system that will be set up at certain time limits for the resolution of online arbitration cases. Trial, and shorter than existing online trial periods, and "significantly lower" than the standard for offline cases.
The new system is also presented as a means of reducing the costs of the majority of the companies involved, especially in the financial field. "
As previously reported, on September 7 China's Supreme Court ruled that evidence authenticated with blockchain technology is binding in legal disputes, as part of a series of comprehensive rules clarifying litigation procedures for internet courts across the country. The new ruling came into force immediately.
This January, in Hangzhou-based court dedicated to processing trials for the Internet-related disputes via an online "netcourt" web platform had handled its first case using legally valid blockchain-derived evidence.