A few days ago, the gaming division of Tencent filed a petition against the spice maker Lao Gan Ma for not paying the bill of around $1 million. Soon after that, the court order to freeze all the corporate bank accounts of Lao Gan Man to uphold the liquidity for a settlement.
<h2>Issue Between Lao Gan Ma And Tencent</h2>
While responding on the court’s decision, the executives of Lao Gan Ma has stated that they are confused because they never signed any such deal with Tencent.

However, during the hearing, Tencent presented the copy of the contract with the company chop of Lao Gan Ma.

But this whole deal was a scam. On July 01, the Guiyang Police has informed that the three suspects it has arrested forged the deal because they wanted to get the digital codes, which the Chinese Internet Giant used to give its new marketing clients.

Guiyang Police has further said, “The aim was to obtain online game package codes that Tencent gave away as part of its promotional activities, which they later resold online to illegally profit”.
<h2>Zhixin Uses Proof of Credit System</h2>
In China, official company stamps or chops are taken as a souvenir to seal the deal between two companies.

A report suggests that a recent scandal about Bitcoin mining company Bitmain partially has the involvement of chop.

Most of the time the legal representative of the company has the possession of the chop.

China has been using blockchain and smart contracts to develop a secondary certified method for the chop. Zhixin Chain is one of the <a href="https://www.zhixinchain.com/en" target="_blank" rel="noopener">smart contracts </a>that is being used for the chop.

It has a Proof of Credit system which helps in signing contracts and then record it on the blockchain. The system also set aside the counterparty’s fund, and after the completion of the fund is paid to the host party.

Zhixin Chain platform has nodes which are being operated as notary so that it could develop consensus on the validity of the timestamp.

Zhixin Chain’s Blockchain-Based Solution To Resolve China’s Chop Issue

China has been using blockchain and smart contracts to develop a secondary certified method for the chop, Zhixin Chain is one of them.

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

Zhixin Chain’s Blockchain-Based Solution To Resolve China’s Chop Issue

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