The Supreme People’s Court of China has issued an opinion calling for the mass adoption of the blockchain to the judiciary, the financial sector and the Chinese government, and that technology underpins intellectual property in the nation.
Published last week, the ruling reveals that the Court has already registered 2.2 billion items in a chain of judicial blogs. The Court now suggests 32 more initiatives, most of which relate to the use of blockchain to improve efficiency and confidence in the nation’s judiciary.
But the recommendations are also much broader, calling for the creation of a “collaboration mechanism for interoperability with blockchain platforms.” This effort will allow “market regulation, property registration … and will allow you to consult and verify information related to property registration and the status of transactions, such as the basic profile of the company, the change in share capital, correlation between business, ownership of real estate and furniture, etc. financial leasing, trade in precious metals, to facilitate the identification of property and property rights transactions, in order to intensify development of the classified and categorized supervision system based on data and credit, and to further improve the national business environment.