IBM and the National Council of Clerks (NCC) have introduced a blockchain technology-based solution on March 14, 2019. French commercial court clerks will use the solution for a commercial court & registry.
The Senior Manager Blockchain at IBM France Vincent Fournier, “This initiative is a first in the Justice sector in France and is a perfect example of blockchain’s role in helping regulated professions as they transform. Blockchain’s qualities are ideal for this use, improving the Clerks’ business processes and adapting to the ever-changing nature of their missions.”
The blockchain technology-based platform is built on a Hyperledger Fabric framework through the blockchain and cryptography expertise of IBM. The framework is an open source project or a permissioned blockchain infrastructure hosted by the Linux Foundation.
The platform provides a highly secure blockchain network. The network can bring transparency to legal transactions and trace the legal changes notifications. It can be used for recording and sharing information viz., the regulatory information of companies difficulties and status changes (a company is registered in a court office and changes to the court office, changes to corporate names, a new branch office addition, and business dissolution) of companies registered on the French territory. It is stated that the commercial & corporate registry position of French in the European Union can be strengthened through this initiative.
The President of the National Clerks Council Sophie Jonval said, “This project, which is the result of an autonomous initiative between clerks of commercial courts and IBM, is the continuation of our efforts to be pioneers in the adoption of innovative technologies, to strengthen the quality of the public service provided by the commercial justice system, dedicated to the expectations and requirements of today’s multipolar and interconnected economic world. We must be both pragmatic and at the forefront of progress on a technology such as blockchain. The latter represents a major potential technology for our profession and for the modernization of the tools of Commercial Justice, reflecting our status, our mission and our professional rules.”
NCC run a pilot of the blockchain technology-based commercial court and registry solution successfully. The pilot took less time which usually takes several days, IBM News Room reported.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]