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An arbitration body in the Chinese city of Nanjing has launched an online ruling system that claims to have an integrated blockchain network for filing and archiving data in legal disputes.
The Nanjing Arbitration Committee announced on Thursday that the online platform is now available in a testing phase. The data uploaded to the system will be stored in a distributed manner among the participating nodes, such as evidence deposition platforms, financial institutions and other arbitration committees.
In 1995, China issued a law that allows city governments to form arbitration committees that have the legal authority to decide on economic disputes related to contractual issues in areas such as business, finance and real estate.
Nanjing's committee said the online system allows parties involved in contractual disputes to simultaneously view digital evidence on a tamper-proof and distributed network. The integration of blockchain tech is aimed at facilitating the issuance of rulings within 30 days of filing and also reducing the costs incurred during legal disputes.
The move follows a recent announcement by the Chinese Supreme Court, indicating that the recognized evidence was archived and authenticated by a blockchain network as legally valid in online ruling procedures between the country's Internet courts.
Furthermore, the Nanjing Arbitration Committee is not the first entity to have used blockchain in a ruling procedure.
According to a March report by the Xinhua News Agency, the Guangzhou Arbitration Committee has partnered with the WeBank owned by Tencent – one of the first online banks in China – to transfer loan data on a blockchain system as part of a experimentation.
Whenever a loan default occurs, the Guangzhou Committee can automatically issue a ruling based on the loan information stored on a blockchain to all parties involved in the contract, the report said at the time.
Image of arbitration via Shutterstock
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