Research On The Legal Issues Of Digital Bills Based On Blockchain Construction

With the rapid growth of negotiable instrument market in our country,negotiable instrument itself exists in the style more like fuding tools other than payment tool.Howerver, the traditional paper instrument and electronic instrument based on ECDS system of PBC have their instinct shortcomings,and the amendment of Negotiable Instrument Law has been overheld for long time,which both lead to the chaos of instrument market and financial risks.Crime of instrument up to billionnare scale appeared not for once through these years,and the amendant of the Law has been more emergency.The blockchain technology has charatristic such as decentralized,trustless,time stamp,asymmetric cryptography,intelligent contract,which suits the negotiable instrument from nature of it.As the latest form of the traditional negotiable instrument electronization,digital negotiable instrument has both connection and difference with traditional paper negotiable instrument.As the different form of existence to paper negotiable instrument,in consist ofthe data message,to be sensed by human perception,based on block chain technology digital negotiable instrument must be realized by the aid of the computer network modulation and demodulation device.However,consideration from nature of legal system,the digital negotiable instrument does not subvert the traditional negotiable instrument system.But due to its unique form of existence,there's also collision and flexibility between them.As to negotiable instrument behavior,compared with the traditional negotiable instruments,principles such as non-cause,literal,imperative,independence are the same as the negotiable instrument law.The digital instrumentalso has to obey the endorsement rule such as impartible or persistence of the endorsement.The circulation,demonstration and guarantee of privilege also obey the effect rule of traditional negotiable instrument.The flexibility focus on kinds of endorsement,the way to signature and how to deliver the negotiable instrument,especially in collision with the nature of endorsement,the fake of endorsement and other special circumstances.However,the legislation of "negotiable instruments law" has been long long ago,then the revision is minor repairs to it,lack of forward-looking,which is bound the development of digital negotiable instrument form.Therefore,it is an urgent problem to amend the law of negotiable instruments,and to better link the relationship between the law and the relevant regulations of digital negotiable instruments.To expand the definition of instrument,change the rule of endorsement and regulate the special problem such as electronic certification,which all lead to release the advantage of digital negotiable instrument to traditional style of it.