The same attributes that make distributed ledger technology (DLT), the blockchain, a reliable, safe, secure, accountable, and trackable peer-to-peer method of buying, selling, and trading, also make it nearly as damning as DNA, fingerprints, dental records, and facial recognition does when it comes to having the book thrown at you in court—at least only China and the State of Vermont, for now.
China has courts dedicated to Internet crime and disputes and henceforth will deem evidence authenticated by blockchain technology as being legally binding and admissible in court.
Blockchain is “secured, efficient, convenient and low in cost,” according to patent lawyer Zhang Yanlai of Hangzhou, according to the South China Morning Post.
As of Sunday, China opened its second Internet court in Beijing. These Internet courts have been set up to handle Internet-related legal disputes and will now recognize digital evidence if it can be verified by blockchain.
There is a popular belief that Bitcoin is anonymous. It isn’t. Now, everything that makes Bitcoin, Ethereum, Litecoin, and all the other altcoins and shitcoins such a compelling asset also makes them the breadcrumb trail that will lead the authorities right to your door and send you to the big house if you happen to be breaking the law.Leave a comment