Chinese Arbitration Commission to Use Blockchain-Based Platform

On Thursday, Nanjing Arbitration Commission announced it had put its new platform into trial operation.

According to the announcement, the platform “makes deep use of Blockchain technology,” and will be used by depository, financial and arbitration institutions to deposit and store data in online arbitration cases. The goal of the Commission is to shorten the period for issuing a ruling to not more than 30 days after the filing.

The Commission aims at reducing the cost of the procedure, as well as making it more convenient and efficient for the parties involved.