China’s top court calls for blockchain to record vast number of transactions
(2022/05/31)
- Reference: 1653962286
- News link: https://www.theregister.co.uk/2022/05/31/china_supreme_court_blockchain_opinion/
- Source link:
China’s Supreme People’s Court has issued an opinion calling for massive adoption of blockchain across China’s judiciary, financial sector, and government, and for the technology to underpin intellectual property in the nation.
Published last week, the [1]opinion reveals that the Court has already recorded 2.2 billion items on a judicial blockchain. The Court now suggests 32 more initiatives, most of which concern using blockchain to enhance efficiency of, and trust in, the nation’s judiciary.
But the recommendations also go far wider, calling for the creation of “an interoperation collaborative mechanism with blockchain platforms”. That effort will allow “market regulation, property registration … and enable inquiry about and verification of information related to the ownership registration and status of transactions, such as basic business profile, variation of corporate equities, correlation between businesses, ownership of immovables and movables, financial leasing, precious metal trading, to facilitate the identification of ownership and transactions of property rights, so as to intensify the development of the classified and categorized supervision system based on data and credit, and to further improve the national business environment.”
[2]China declares a new era of digitization has begun
[3]India to adopt digital rupee and slap a 30 per cent tax on cryptocurrency income
[4]China makes using cryptocurrency a crime – again
The opinion also calls for blockchains to become part of China’s infrastructure to manage registration and protection of intellectual property, market regulation, property registration, data ownership, online data trading, transactions between financial institutions, and the insurance market.
The document doesn’t say when that vision might become reality but sets a 2025 deadline for implementation of “a blockchain alliance featuring interconnectivity and sharing between the people's courts and all social sectors … with the capabilities for fundamental support for data verification, trusted operation, smart contract, interoperation collaboration, etc. to be dramatically improved.”
[5]
That suggests the Courts like the idea of most transactions being recorded on blockchain so that evidence can be easily obtained and verified, a situation that may not appeal to lawyers who often charge plenty of money for discovery of documents in the lead up to large cases.
[6]
The opinion also refers to blockchain being used “in administrative law enforcement” and to impose “credit-based punishment, etc. and develop a model of automatically carrying out investigation and control in enforcement and imposing credit-based punishment, so as to improve the working efficiency of collaborative enforcement.”
That reference to “credit” probably describes China’s system of “social credit” which assesses citizens’ behaviour and may restrict access to some privileges or services if a low social credit score is recorded. Paying taxes late, for example, is thought to have a negative effect on a social credit score. Indicators of behaviour that contribute to a social credit score may be gathered from many sources, so a blockchain to record and consolidate records could make it easier for China to rate it citizens activities and keep them in line.
[7]
While China has banned cryptocurrency several times (with [8]mixed results ), national policy calls for extensive use of Blockchain. Last week, regulators issued a list detailing an eighth batch of government-approved blockchain projects.
Those efforts, and the Court’s urging to go even further with distributed ledgers, suggest Blockchain will be a big part of Chinese society. ®
Get our [9]Tech Resources
[1] https://www.court.gov.cn/fabu-xiangqing-360271.htmll
[2] https://www.theregister.com/2022/03/18/china_declares_new_era_of/
[3] https://www.theregister.com/2022/02/02/india_budget_2022/
[4] https://www.theregister.com/2022/02/25/china_cryptocurrency_illegal_fundraising_crime/
[5] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_software/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=2&c=2YpWS4cyOWaikJLsG2uorxgAAAII&t=ct%3Dns%26unitnum%3D2%26raptor%3Dcondor%26pos%3Dtop%26test%3D0
[6] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_software/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44YpWS4cyOWaikJLsG2uorxgAAAII&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0
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[8] https://www.theregister.com/2022/05/19/despite_ban_china_surges_back/
[9] https://whitepapers.theregister.com/
Published last week, the [1]opinion reveals that the Court has already recorded 2.2 billion items on a judicial blockchain. The Court now suggests 32 more initiatives, most of which concern using blockchain to enhance efficiency of, and trust in, the nation’s judiciary.
But the recommendations also go far wider, calling for the creation of “an interoperation collaborative mechanism with blockchain platforms”. That effort will allow “market regulation, property registration … and enable inquiry about and verification of information related to the ownership registration and status of transactions, such as basic business profile, variation of corporate equities, correlation between businesses, ownership of immovables and movables, financial leasing, precious metal trading, to facilitate the identification of ownership and transactions of property rights, so as to intensify the development of the classified and categorized supervision system based on data and credit, and to further improve the national business environment.”
[2]China declares a new era of digitization has begun
[3]India to adopt digital rupee and slap a 30 per cent tax on cryptocurrency income
[4]China makes using cryptocurrency a crime – again
The opinion also calls for blockchains to become part of China’s infrastructure to manage registration and protection of intellectual property, market regulation, property registration, data ownership, online data trading, transactions between financial institutions, and the insurance market.
The document doesn’t say when that vision might become reality but sets a 2025 deadline for implementation of “a blockchain alliance featuring interconnectivity and sharing between the people's courts and all social sectors … with the capabilities for fundamental support for data verification, trusted operation, smart contract, interoperation collaboration, etc. to be dramatically improved.”
[5]
That suggests the Courts like the idea of most transactions being recorded on blockchain so that evidence can be easily obtained and verified, a situation that may not appeal to lawyers who often charge plenty of money for discovery of documents in the lead up to large cases.
[6]
The opinion also refers to blockchain being used “in administrative law enforcement” and to impose “credit-based punishment, etc. and develop a model of automatically carrying out investigation and control in enforcement and imposing credit-based punishment, so as to improve the working efficiency of collaborative enforcement.”
That reference to “credit” probably describes China’s system of “social credit” which assesses citizens’ behaviour and may restrict access to some privileges or services if a low social credit score is recorded. Paying taxes late, for example, is thought to have a negative effect on a social credit score. Indicators of behaviour that contribute to a social credit score may be gathered from many sources, so a blockchain to record and consolidate records could make it easier for China to rate it citizens activities and keep them in line.
[7]
While China has banned cryptocurrency several times (with [8]mixed results ), national policy calls for extensive use of Blockchain. Last week, regulators issued a list detailing an eighth batch of government-approved blockchain projects.
Those efforts, and the Court’s urging to go even further with distributed ledgers, suggest Blockchain will be a big part of Chinese society. ®
Get our [9]Tech Resources
[1] https://www.court.gov.cn/fabu-xiangqing-360271.htmll
[2] https://www.theregister.com/2022/03/18/china_declares_new_era_of/
[3] https://www.theregister.com/2022/02/02/india_budget_2022/
[4] https://www.theregister.com/2022/02/25/china_cryptocurrency_illegal_fundraising_crime/
[5] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_software/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=2&c=2YpWS4cyOWaikJLsG2uorxgAAAII&t=ct%3Dns%26unitnum%3D2%26raptor%3Dcondor%26pos%3Dtop%26test%3D0
[6] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_software/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44YpWS4cyOWaikJLsG2uorxgAAAII&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0
[7] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_software/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44YpWS4cyOWaikJLsG2uorxgAAAII&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0
[8] https://www.theregister.com/2022/05/19/despite_ban_china_surges_back/
[9] https://whitepapers.theregister.com/
Good luck with that.
You want all that data stored/tracked in/by the blockchain, fine, go ahead & require it in China. But the rest of the world does not have to do it, so unless & until everyone else adopts your "standards", you will have just cut yourself out of the global blockchain playground.
If you require $FunctionX to be present in all the blockchain you allow in country, and nobody else wants to include that bit, then you will block their blockchain & prevent them from doing business in your country.
And the more data points you require in the blockchain datablock, the more work it will be to maintain all those trillions of bits & bytes until each blockchain winds up being ungainly to handle for anything, making it much less useful to anyone for anything. Do you _really_ think the rest of the world will decide to likewise hobble their potential economic growth potential?
Have fun playing with yourself, nobody else will join you in that shit-filled sandbox you insist on playing (and shitting) in.