People's Court: Application of blockchain technology has changed the form of rule of law in the governance structure

On March 5th, the People's Court issued a paper "Application of Blockchain Technology and Development of the Rule of Law." The article points out that the application of blockchain technology has changed the form of rule of law in the governance structure. The article also mentioned that the law cannot prevent the independent development of software developers simply by a decree. Therefore, a blockchain industry supervision mechanism should be established and improved. The blockchain supervision system will jointly explore a new model of blockchain supervision, realize the upgrading and improvement of regulatory technology, reduce regulatory costs, ensure the parallel development of industry and supervision, and create an environment for the healthy development of blockchain technology.