Zhou Qiang, China's chief justice, received a briefing on blockchain technology last week during an inspection of the city of Guiyang in southwestern China.
Among the topics reportedly discussed was a national credit system and asset registry, and how the lack of such a system can create issues when a plaintiff asks a court to enforce its decision in civil lawsuits.
Zhou, who is also president of the Supreme People's Court, reportedly commented:
Because the court doesn't know how much of which assets the defendant owns and where the assets are, the investigation process places a huge burden on China’s court system, the article explains.
To combat the issue, Guiyang's court system is partnering with other municipal agencies in applying big data and blockchain tech to build a social credit system. Launched and supported by Chen Gang, the former secretary of municipal party committee, the campaign puts Guiyang in a leading position among municipal governments in adopting blockchain in governance in China.
Last December, Guiyang released a white paper detailing its blockchain research efforts, making it the first municipal government in China to do so.
Guiyang building image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.