While cryptocurrencies continue to gain momentum, China, once the biggest crypto hotspots, went on to ban cryptocurrencies. The nation was one of the first countries to put a complete ban on Bitcoin and other cryptocurrencies when it banned ICOs, then shut off access to exchanges, effectively killing off the decentralized cryptocurrency industry in the nation.
Since then, the People’s Republic has been very firm in their stance on cryptocurrency and has been focusing its efforts to control the blockchain space. The nation redoubled its commitment to blockchain late 2019 when president Xi Jingping made a speech on national television, portraying his bullish stance towards blockchain.
Legal services on blockchain
Now, recent reports state that the use of blockchain-based solutions in the public sector is expanding far beyond just fintech. Local media outlet China Quality News has reported that the city of Suzhou is set to host a blockchain-powered pilot program that will look to provide a variety of notary services to millions of citizens.
The authorities of Suzhou made the announcement on June 5, stating that the program will allow citizens to access legal and government offices via the internet.
The pilot platform has been created by the Suzhou Municipal Market Supervision Bureau and the Suzhou Municipal Bureau of Justice, to provide legal services related to personal freedom, life, health, property rights, and more.
Any data will be made available via the cloud, and notaries would also be able to share Audio and video records with each other. All these functions would also support real-time tracing.
Dubbed the “Suzhou Notary Chain,” the platform will also allow administrative law enforcement units to execute online notarization and carry out the entire process with the help of cloud sharing when a dispute occurs.
Unlike the conventional method of storing Audio and Video on a local law enforcement database, the blockchain-powered platform will process everything from recording to distribution with guaranteeing “easy data storage, high security, non-tampering, and traceability, which will improve the transparency of the administrative law enforcement.”
Meanwhile, China continues to make great progress in terms of developing its Central Bank Digital Currency dubbed the e-Yuan.
As previously reported by The Daily Chain, a press report published last month revealed that the release of the e-Yuan had attracted worldwide attention from investors. Chinese technology stocks surged, with foreign investment, surpassing $26.99 billion.