Category Archives: factom

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Chinese Supreme Court Says Blockchain Can Be Legally Binding

China‘s Supreme Court set an international precedent Friday by adjudicating that blockchain evidence can be seen as legally binding in court, effective immediately.

The decision comes with the minor caveat of courts requiring both parties in each case to provide evidence that blockchain technology was legitimately used in the manner they claim.

The ruling puts an end to any uncertainty surrounding the legality of blockchain-backed evidence provided during proceedings. The Chinese Supreme Court cited this as including ”digital signatures, reliable timestamps, and hash value verification or via a digital deposition platform”.

Companies that offer these services may well expect to see a growth in their number of clients given the added value in being legally recognized, particularly in cases where their intellectual or creative property can be protected by a blockchain platform as it is usually the more economical choice.

Setting a national standard

Since the first internet court was established in Hangzhou, China last year to deal specifically with internet-based disputes usually involving digital data, a number of questions regarding how and where blockchain evidence can be used have emerged.

In June this year, a copyright infringement case saw blockchain accepted as evidence in the deposition as legally viable with the judge commenting, ”We can’t exclude it just because it’s a complex technology. Nor can we lower the standard just because it is tamper-proof and traceable.”

In this specific case, the main question was whether the plaintiff’s blockchain-backed evidence could be seen as proving the authenticity of their work, in a similar way to a traditional notarization service. The judgment approved that it could indeed, due to the fact that the Bitcoin and Factom blockchains used in the case first hash all content uploaded, then store this on a distributed network.

 

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US Homeland Security Piloting Blockchain Tech to Secure Borders

The US Department of Homeland Security Science and Technology Directorate has awarded Factom a USD 192,380 grant and will possibly award up to a total of USD 800,000 as part of the Silicon Valley Innovation Program (SVIP) to integrate critical infrastructure such as cameras and sensors with blockchain technology.

This project began in 2016 when Factom was awarded an initial USD 200,000 and it has been working on integrating existing security technologies into the blockchain since then.

There will be a final phase of testing where there will be limited connectivity and varying weather conditions to demonstrate reliability under the conditions that US border patrol agents operate in. If the tests go successfully, Factom’s product will be deployed across the US border.

Using blockchain technology and its intrinsic cryptographic security, the technology aims to ensure that border sensors and cameras won’t be spoofed, manipulated, or disrupted. There are plenty of reasons people would want to hack border patrol technology, with the main concerns surrounding the smuggling of drugs or migrants across the border. Once the system is in place it would be extremely difficult to hack without being very obvious to the entire network.

Factom specializes in securing, storing, and sharing data with blockchain technology for governments and corporations. It has a native cryptocurrency for its platform, FCT, with a market cap of USD 97 million.

SVIP managing director Melissa Ho said the goal of SVIP is to partner with companies to produce the best homeland security technology. She says the testing phase in a realistic border patrol environment will greatly enhance the development of this blockchain technology.

 

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