The world's first electronic evidence blockchain alliance, FaChain will create a new era of "blockchain + law"

The world's first electronic evidence blockchain alliance "FaChain" was established in Beijing and held a press conference on August 16. "FaChain" is an evidence recording and preservation system based on blockchain technology, established and operated by multiple institutions including Onchain, Microsoft (China), and FaDaDa. The emergence of FaChain has enriched the Xiaoyi ecosystem. Onchain will input the experience of Xiaoyi's community-based and open construction into FaChain, bringing immeasurable commercial value.

With the support of the underlying blockchain technology provided by Onchain based on Ant, the system has no central control point, and once the data is entered, a single institution or node cannot tamper with it, thus meeting the requirements of judicial evidence. In other words, the legal chain will basically be a consortium chain closer to the public chain. Except for the fixed accounting nodes, other nodes can join freely.

It is no coincidence that Onchian chose to work with FaDaDa as the first application. At present, the average daily signing volume of electronic contracts on the FaDaDa platform has maintained a continuous growth based on the current 100,000. Based on the huge electronic document foundation, blockchain technology will be associated with a large amount of electronic evidence and quickly put into commercial use, thus forming the world's largest commercial blockchain alliance.

Through the participation of multiple parties in the management and operation of FaChain, blockchain technology will be "deeply integrated" with FaDaDa electronic contracts. The digital fingerprint information of the electronic contract, such as the signing time, signing entity, file hash value, etc., will be broadcast to the respective nodes of all members of FaChain. Once all information is stored, no party can tamper with it, which fully meets the requirements of judicial storage of electronic evidence.

This is also a key step for the Xiaoyi ecosystem. In the future, the digital fingerprint information of each electronic contract of Xiaoyi can be stored on the "Legal Chain", and the file hash value information can be synchronously stored in the National Authoritative Electronic Data Forensic Identification Center.

In recent years, a large number of Chinese companies have invested heavily in the cornerstones of the Internet economy, including cloud computing, wireless communications, new digital platforms, and big data analysis, which have achieved unprecedented development. As these new Internet things gradually mature, the legal risks attached to them will inevitably emerge. Li Jun, chief architect of Onchain, said:

"Blockchain technology is highly integrated with online electronic evidence storage services. The establishment of 'Legal Chain' has an obvious boosting effect in avoiding online legal risks and establishing an orderly online environment."

Building an ecosystem is the only way for blockchain technology to be commercialized. Li Jun believes that blockchain is not only decentralized, but can also transform the center into a decentralized, specialized service. Various centers provide various specific trust-providing services on a blockchain ecosystem, rather than being a centralized approval bottleneck. This ecosystem can allow assets to circulate better, and better alleviate or even solve the pain points in asset circulation. Onchain is here to explore and work with partners to build such an open ecological platform based on Ant Financial technology.

Just as the Internet has created an era, the establishment of FaChain, based on the decentralization, tamper-proof, and zero data loss characteristics of blockchain technology, has made legal services related to electronic evidence more credible, efficient, and secure, and can effectively cope with the complex and changing network environment, and will create a new era of "blockchain + law."