Category Archives: Hangzhou

Auto Added by WPeMatico

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.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Chinese Supreme Court Says Blockchain Can Be Legally Binding appeared first on BitcoinNews.com.

Blockchain Operated “FrenchDreamTowers”: A Skyscraper with Ecology at Its Heart

Last month, French architecture firm XTU Architects partnered with Systematic and an undisclosed Chinese developer to construct a blockchain-powered skyscraper.

The proposed building, New FrenchDreamTowers, is an eco-friendly project which promises to bring the best of culture, technology, and nature together under one roof.

Forbes writes, “For thousands of years, the banks of the West Lake of Hangzhou, a UNESCO World Heritage Site, have drawn poets, architects and artists alike. The grounds, dotted by pagodas, lily ponds, rockeries and wood causeways, have been said to represent the idealised fusion between humans and nature.”

The concept was influenced by Hangzhou’s architectural history of blending buildings into a natural landscape. The project would seek to continue the local tradition of harmonious urban integration with the landscape. If it materializes it would create four interconnected, energy efficient towers with an eco-friendly workable system of redirecting natural resources and cleaning polluted air.

The curved design of the four structures would reportedly redirect rain into basins located on both the roof and the floor which would then cultivate microalgae between the window panes. Flora in these areas would help to refresh the pollutants in the atmosphere.

Blockchain technology has been integrated by way of unitizing Hangzhou Gold Truffle Engineering Company’s blockchain-based network, which will reportedly manage the air quality, energy storage, and many other environmental systems that will interact between the four towers. Gold Truffle commented:

“This will be the first application of a massive internet-of-things superstructure designed to address the needs of future smart-cities.”

The building will not be simply limited to offering accommodation and is intended to create a vision of both Eastern and Western architecture, amalgamating both French and Chinese cultures, and offering the public dining, art galleries, and tech hubs in the process.

Those behind the concept see FrenchDreamTowers as a microcosm of two contrasting cultures coming together to represent something completely universal and symbolizing the breaking down of cultural barriers.

 

Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

Image Courtesy: Pixabay

The post Blockchain Operated “FrenchDreamTowers”: A Skyscraper with Ecology at Its Heart appeared first on BitcoinNews.com.

Blockchain Is Becoming China’s Darling, but Crypto Suffers From Beijing’s Distrust

Last week’s comments by China’s president Xi Jinping that the “blockchain was 10 times more valuable than the internet” clearly highlights the direction that the Chinese government is taking regarding the cryptocurrency space, according to Cointelegraph

Adding to those comments, the president referred to blockchain as “a part of the technological revolution”. If this “revolution” is already underway, where exactly does that leave bitcoin, following cryptocurrency’s trading ban in the country enforced earlier this year? Under the ban, Chinese residents can hold cryptocurrencies, but can’t currently trade them.

Add to that the prohibitive attack on China’s mining industry by regulatory bodies and things don’t look too bright for Bitcoin when juxtaposed to China’s new enthusiasm for blockchain.

Given these current conditions, China is still a major Bitcoin player with 50 to 70 percent of global mining taking place in the country, although this number is not comparable with its far more significant figures before the ban was actually put in place. Many miners have relocated under China’s crypto skeptical regime and the bans have made their mark on global markets when Bitcoin dropped to its lowest level in more than a month, with Ethereum (ETH) declining 19% and Ripple (XRP) collapsing 29%.

In 2013, banks and financial organizations were prohibited to carry out any crypto-related operations, and all companies offering any services involving Bitcoin were obliged to register with the relevant authorities and to follow know-your-customer (KYC) procedures to prevent money laundering and tax evasion, as Cointelegraph points out.

The situation has deteriorated even further now that ICO’s have been clamped, and exchanges shut down. With 15  closing, some moving to Hong Kong or staying on and becoming fiat free, to avoid the governments no trade for fiat regulations. Despite this and a further increase in regulation, China still boasts the top 20 cryptocurrencies in the global market in terms of valuation.

No such problems for blockchain, as exemplified by Xi Jinping latest stance, and his proclamation that the internet pales into insignificance alongside the new technology:

“The new generation of information technology represented by artificial intelligence, quantum information, mobile communication, internet of things, and blockchain is accelerating breakthroughs in its range of applications.”

Hangzhou is fast becoming blockchain’s Chinese Mecca, the city where Alibaba was founded, with its new Blockchain Industrial Park and $1.6 bln innovation fund. Also, Hangzhou will gain from the construction of a research institute established to provide academic support for the development of blockchain tech in the city.

Recently Blockchain was heralded for its internet-crushing-value on a China Central Television (CCTV) broadcast by the state-backed TV channel tagging it as being “the machine that generates trust” whilst in the same program making further attacks on cryptocurrency.

Follow BitcoinNews.com on Twitter at @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

Image Source: Pixabay

The post Blockchain Is Becoming China’s Darling, but Crypto Suffers From Beijing’s Distrust appeared first on BitcoinNews.com.