Is blockchain contract protected by law
As of May 2020, blockchain and digital currency are illegal in China
according to the announcement of the people's Bank of China Central Network Information Office, Ministry of instry and information technology, State Administration for Instry and commerce, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission on preventing the risks of token issuance and financing, Article 2 no organization or indivial shall illegally engage in token issuance and financing activities. Organizations and indivials that have completed the token issuance and financing should make arrangements such as refund, reasonably protect the rights and interests of investors, and properly handle risks. Relevant departments will seriously investigate and deal with the activities of token issuance and financing that refuse to stop and the illegal behaviors in completed token issuance and financing projects
Article 3 strengthen the management of token financing trading platform
from the date of this announcement, any so-called token financing trading platform shall not engage in the exchange business between legal currency and token and "virtual currency", and shall not buy or sell token or "virtual currency" as a central counter party, and shall not provide pricing for token or "virtual currency" Information intermediary and other services
extension data
"illegal financial institutions and illegal financial business activities ban" stipulates that:
eleventh, the criminal suspect, funds and property involved in illegal financial institutions and illegal financial activities, and the public security organs shall take compulsory measures according to law to prevent suspect from escaping and transferring funds and property. p>
Article 12 the people's Bank of China shall, after investigation and confirmation, make a decision to ban the illegal financial institutions and financial business activities, declare them illegal, order them to stop all business activities, and make an announcement
Article 13 if the people's Bank of China discovers that a financial institution opens an account, handles settlement and provides loans for an illegal financial institution or illegal financial business activities, it shall order the financial institution to stop the relevant business activities immediately. No unit or indivial may use the relevant funds without authorizationAs an E-contract platform that focused on blockchain technology as early as 2015, we have taken the lead in the instry to set up a blockchain team in the early stage, invested in the research of cryptography, distributed ledger storage structure, consensus mechanism and other core underlying technologies of blockchain, explored the application scenarios of blockchain technology in the legal science and technology instry, and cooperated with a number of domestic authoritative judicial appraisal institutions and The notary office has set up a certificate storage alliance chain. At present, the legal department mainly applies blockchain technology to the field of electronic data distributed certificate storage, including contract certificate storage, e-mail certificate storage, document certificate storage, structured data certificate storage, etc
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If the electronic contract wants to have legal effect, it needs to lock the identity of the contracting party, keep the documents from being tampered with, and accurately record the time. For the electronic documents, it also needs to consider the security of storage
through the deep use of cryptography algorithm, specially designed data structure and multi-party participation consensus algorithm, machine algorithm is used to solve the consistency, reliable storage and anti tampering problems of multi-party transaction records, which has a natural strong correlation with electronic data storage
First of all, the electronic contract signing records are stored in a shared account book jointly maintained by multiple parties, which can not be tampered with, denied or lostsecondly, the text and elements of the electronic contract are encrypted, including the participants of the electronic contract. Only the participants can decrypt and view the data to protect the privacy of the parties
thirdly, the machine strictly implements the pre-defined rules (smart contract), and no longer relies on a single agreement with a third party. KYC service based on blockchain automatically checks and verifies the validity and identity of certificates, and ensures the authenticity of participants' identities on the basis of privacy
blockchain technology is popular in the market because it can rece intermediate links, rece fraud caused by data consistency, improve business efficiency and speed, rece the risk of counterparties, increase revenue and save costs
for example, the contract law, the electronic signature law, the civil procere law and the civil code, which will be formally implemented on January 1, 2021, all recognize the legal effect of the electronic contract.
"if an electronic signature meets the following conditions at the same time, it shall be regarded as a reliable electronic signature:
(1) when the data of making an electronic signature is used for an electronic signature, it shall be exclusive to the electronic signer
(2) when signing, the data of electronic signature creation is only controlled by the electronic signer
(3) any changes to the electronic signature after signing can be found< (4) any changes to the content and form of the data message after signing can be found. "< In addition, Articles 10 and 11 of the contract law of the people's Republic of China recognize the data message as the legal carrier of the written form of the contract Article 116 of the interpretation of the Supreme People's Court on the application of the Civil Procere Law of the people's Republic of China recognizes the legal status of electronic data as a kind of legal evidence
according to Articles 5 to 8 of the electronic signature law, only the electronic contract that locks the true identity of the contracting party, effectively prevents document tampering, and accurately records the signing time is recognized by law.