The Supreme People's Court and the National Financial Regulatory Administration jointly released typical cases of mediation in financial lending disputes: Beijing's blockchain dispute resolution practice under the "Internet +" model

The Supreme People's Court and the National Financial Regulatory Administration jointly released typical cases of mediation in financial lending disputes: Beijing's blockchain dispute resolution practice under the "Internet +" modelOn December 20, Hongxing News learned from the Supreme People's Court that the Supreme People's Court and the National Financial Regulatory Administration recently jointly released typical cases of mediation in financial lending disputes. Among them, Beijing's case, utilizing "Internet +" technology to expand dispute resolution channels, is particularly noteworthy

The Supreme People's Court and the National Financial Regulatory Administration jointly released typical cases of mediation in financial lending disputes: Beijing's blockchain dispute resolution practice under the "Internet +" model

On December 20, Hongxing News learned from the Supreme People's Court that the Supreme People's Court and the National Financial Regulatory Administration recently jointly released typical cases of mediation in financial lending disputes. Among them, Beijing's case, utilizing "Internet +" technology to expand dispute resolution channels, is particularly noteworthy. This case details how Beijing, by constructing the nation's first blockchain platform for the financial industry, effectively resolved financial lending disputes and achieved significant results.

Beijing faces a massive number of credit card disputes, with an extremely high complaint rate, accounting for the vast majority of the annual complaints received by the Beijing Financial Regulatory Bureau (referred to as the Beijing FRB) from the banking industry. These disputes are generally characterized by small amounts, large volumes, and homogeneity, placing immense pressure on both consumers and financial institutions. To address this challenge, the Beijing FRB, together with the Beijing Higher People's Court, guided the Beijing Banking Association to establish a diversified dispute resolution platform for the banking and insurance industry. This platform, centered on the "Internet +" model, employs a series of innovative measures to effectively improve the efficiency and satisfaction of dispute resolution.

The platform's core innovation lies in the construction of the nation's first financial industry alliance chain "JingRongChain" (Beijing Financial Chain). Guided by the Beijing FRB, this alliance chain was jointly built by financial institutions in Beijing, and a secure isolated data authentication system was created in collaboration with the China Academy of Information and Communications Technology and the National Time Service Center. This system ensures trustworthy and consistent timekeeping and timestamps, guaranteeing the record-keeping and trustworthiness of the entire diversified dispute resolution process, providing a solid technological foundation for blockchain evidence.

Relying on "JingRongChain," financial institutions have conducted over 240,000 blockchain evidence recordings on the platform, mediating over 60,000 cases with a success rate of 68.9% and an average mediation time of approximately 32 hours. These figures clearly demonstrate the significant advantages of "JingRongChain" in terms of increased efficiency and reduced costs. Compared to traditional dispute resolution methods, the transparency and credibility offered by blockchain technology not only shorten mediation times but also significantly improve the success rate and reduce unnecessary litigation costs.

Beyond technological innovation, the "Internet +" model has played a crucial role in the platform's development and operation. The platform has created a one-stop diversified dispute resolution mechanism, explored the establishment of a lost contact recovery mechanism, and set up dedicated lines for accessing the dispute resolution platform, providing users with convenient and efficient service. These measures collectively form a complete dispute resolution ecosystem, effectively lowering the threshold for consumers seeking help and minimizing the occurrence of disputes.

Furthermore, the Beijing FRB works closely with people's courts at all levels in Beijing, mediation organizations, and financial institutions to proactively identify and resolve bottlenecks and difficulties in the diversified dispute resolution process, continuously optimizing and improving dispute resolution channels. The platform actively promotes the "prior mediation + judicial confirmation" model, which further strengthens the legal effect of mediation results and effectively improves the enforcement rate of mediation.

This model has yielded significant social benefits. Overdue payments and collection complaints among pilot institutions have shown a downward trend, effectively curbing the growth of complaints. Simultaneously, the model has improved the asset quality of financial institutions, achieving a credit card installment repayment rate exceeding 80%, a 20 percentage point increase compared to negotiation methods. More importantly, the model effectively saves judicial costs. Calculations by pilot institutions show that over 6,800 judicial confirmations were completed through industry mediation organizations, resulting in over 158 million yuan in recovered funds and savings of over 33 million yuan in costs.

The Supreme People's Court believes that Beijing's blockchain dispute resolution practice under the "Internet +" model provides valuable experience for mediation work in financial lending disputes nationwide. This case is significant in four aspects:

First, it has promoted the formation of a new pattern for mediation work. This model is based on the characteristics and laws of financial lending disputes, fully leveraging the inherent potential of professional and industry mediation in resolving disputes. Through technological innovation, it effectively improves the efficiency and success rate of mediation, providing valuable experience for other regions.

Second, it has strengthened the court's function of guiding mediation work. Through case sharing and legal confirmation of mediation agreements, the Supreme People's Court has strengthened its guidance and supervision of mediation work, ensuring its standardization and fairness, and further improving the dispute resolution mechanism.

Third, it has created a distinctive brand for mediation and a digital dispute resolution platform. Through brand modeling and technological empowerment, it has leveraged a "significant effect" on social governance. The construction of "JingRongChain" not only improves mediation efficiency but also sets an example for resolving disputes in the financial industry, providing reference for other sectors.

Fourth, it has deepened professional and industry-specific mediation, promoting a reduction in litigation related to financial lending disputes. Through the effective operation of diversified dispute resolution mechanisms, it reduces the number of litigation cases, alleviates the pressure on courts, and improves the utilization efficiency of judicial resources.

In conclusion, Beijing's blockchain dispute resolution practice under the "Internet +" model is a successful case that provides replicable and promotable experience for other regions across the country. It not only effectively resolves financial lending disputes but also provides guidance for other industries and promotes the modernization of the social governance system. This case fully demonstrates the enormous potential of technology in empowering the judiciary and promoting the modernization of social governance, deserving in-depth study and promotion. The innovative measures of the Beijing FRB and the Beijing Higher People's Court have set a new benchmark for mediation work in financial lending disputes nationwide.