Nanjing Arbitration Committee in China Trials Blockchain-Based Online Ruling System
An arbitration body in Nanjing, the capital of east China’s Jiangsu Province, has launched a blockchain-based online ruling system for depositing and storing data in legal disputes, according to an official announcement released on September 27.
The Nanjing Arbitration Committee announced that the online platform is now live in a testing phase. Data uploaded to the system will be stored among all participating nodes, including evidence deposition platforms,financial institutions, and other arbitration committees.
The Nanjing committee was established in late 1998 following the passage of the Arbitration Law of the People’s Republic of China. It operates as an independent non-profit organization that offers service in arbitration, mediation, and other dispute resolution mechanisms of economic disputes.
The committee said “the online ruling platform will make extensive use of blockchain technology , in partnership with relevant institutions, to deposit electronic data and to enable real-time evidence preservation, electronic evidence delivery , online trials and rulings” .
The blockchain-empowered system is aimed to settle the arbitration case within 30 days following a filing, which is shorter than the existing trial periods. It will also significantly reduce arbitration costs for all parties involved as .
This move comes a recent announcement from China’s supreme court, ruling that that evidence stored and authenticated by a blockchain network is legally binding in legal disputes across internet courts in the country.
In fact, the Nanjing Arbitration Committee is not the first entity to use blockchain in a ruling procedure. In March, the Guangzhou Arbitration Committee cooperated with Tencent-backed WeBank and Hangzhou-based electronic evidence deposition platform called Yibi Technology,to move loan data to the blockchain network, issuing the first-of-its-kind arbitral awards in the country.
In addition, Nan Jing is speeding up its blockchain layout. The People’s Bank of China, the country’s central bank, has established a blockchain and digital currency centre in the city in early September. JD Finance, the finance arm of Chinese e-commerce giant JD.com announced that it has established the Smart City Research Institute at its headquarters in Nanjing on September 28, in bid to transform the city into a blockchain and AI-backed smart city.