Wei Kai, China's Xintong Institute: Blockchain also has application prospects in social fields such as financial contracts

According to the Economic Information News, the first Internet Rule of Law Forum was held in Hangzhou recently. People from all walks of life in the political, legal, and academic circles from all over the country attended the meeting to discuss in depth the issue of “ruling the rule of network social governance”. Wei Kai, deputy director of the Institute of Cloud Computing and Big Data at the China Institute of Information and Communications, believes that blockchain is a non-tamperable accounting technique, and its rules are expressed in code. The code on the blockchain is “law”. Blockchain technology can not only be applied in courts such as judicial disclosure, litigation services, auxiliary trials, and auxiliary enforcement, but also has potential applications in social fields such as financial contracts, copyrights, and wills. However, there are still some challenges. First, blockchain technology should be trustworthy. However, there is a lack of standards for uplink data specifications and metadata, and cross-chain interconnection is difficult to implement. The legal process and blockchain technology must be rationalized. The evidence identification norms need to be further clarified, and these issues require the joint efforts of all parties.