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 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.”
source: The Register
