In an official declaration, clerks in the commercial court of France will be using blockchain technology in order to track the changes in the legal status of the companies operating in the territory of the nation. The announcement in this regard has been made on March 14 and signifies a new development in the field of blockchain technology adoption.
The National Council of Clerks (NCC) and International Business Machine (IBM) have jointly developed the blockchain network for this particular application. The network will be deployed in 2019 by the clerks of the various commercial courts operating in the country. The core of this blockchain network will be a hyper ledger framework, and its sole objective is to enhance the transparency and efficiency of the system. More specifically, the newly developed blockchain network will be going to keep a close tab on the legal transactions made by the various companies during their life cycle.
The primary data recorded by the blockchain solution will include the corporate name of the company, registration court, branch offices of the company, and any information regarding business dissolution. The blockchain solution will record and share data related to the aspects mentioned above that, in turn, are going to help various regulators and operating agencies to check the status regarding any kind of anomaly associated with the organizations. Further, any kind of changes in the organization’s credentials in terms of its corporate name or allied identities can be quickly shared across the stakeholders.
NCC has already run a pilot project using this blockchain program, and results are quite encouraging. With the use of blockchain solution, the time required for the registration process has been shortened to a single day from the original time of several days associated with the normal registration process. Commenting on the merits of the blockchain, Vincent Fournier who is a senior manager at IBM France said that adoption of blockchain is ideal as it is going to improve business processes by continuous adaptation and sharing of the data. The technology will allow the processes to remain relevant in the continuously changing environment.
Just so you know, according to recent research by The Next Web, IBM is leading the innovation in blockchain technology and allied space. The company employs the maximum number of professionals in the blockchain field and has filed a number of patents related to blockchain solutions across the business segments.
Recently, the company has associated with CULedger in order to develop the blockchain related solution for the credit industry. The new partnership will develop solutions to improve on some important aspects such as know-your-customer, identity authentication, payment services, customer processes, etc. IBM has also revealed two new patents in the field of database management and network security earlier this month, thereby further bolstering its technology and innovation credentials in the blockchain space.