China, the blockchain to simplify both the judiciary and the banking sectors

A Chinese arbitration committee has launched an online system blockchain-based for depositing and storing data in legal disputes. As Wolfie Zhao writes on CoinDesk, the platform is currently live in a testing phase data uploaded will be stored among participating nodes of the chain. Chinese arbitration committees have the legal authority to rule on economic disputes relating to contract issues in areas such as business, finance and real estate.
According to a March report from the Xinhua news agency, the Guangzhou arbitration committee has worked with one of the first online-only banks in China to move loan data to a blockchain system as part of a trial. Whenever a loan default occurs, the Guangzhou committee can automatically issue a ruling based on the loan information stored on a blockchain to all parties involved in the contract.