8btc: What is the major utility of blockchain technology? What do you hope it can be used for?
On many occasions, the interaction between people is based on trust. For example, if you borrow a few thousand yuan from a friend, it’s an awkward number. It’s very troublesome to draft a formal contract. If it’s just a verbal agreement, then it’s short of legal binding force. That’s when “xiaoxieyi” become handy, it is right between the formal contract and verbal agreement.
8btc: So it is not a binding agreement at the legal level, but an emotional evidence?
No, no, no, Chinese law recognizes electronic evidence. China’s laws even recognize verbal agreements, but the problem is that verbal agreement are difficult to represented. So contract based on “xiaoxieyi” is more effective than a verbal agreement.
8btc: Why do we have to it through blockchain? We can sign a paper note or screenshot of our chat log.
But that can be tampered with. Picture could be modified.
8btc: But the applet was banned and the agreement disappeared.
The applet maybe banned but as long as you back up the hash, you can find your agreement on Ethereum network and nothing will change.
No absolute privacy, theoretically we can see all the agreements
It's very interesting interview between 8btc and the applet developer.
Credit : news.8btc.com
