According to an announcement, a French commercial court clerk will use a blockchain-powered platform to record changes in companies legal status within the nation.
The blockchain network was mutually developed by the National Council of Clerks (NCC) and IBM and will be implemented starting 2019 by the clerks operating in commercial court across France. The blockchain platform is developed on the Hyperledger Fabric framework and intends to enhance transparency and efficiency in legal transactions associated with the lifecycle of companies in the registry.
Precisely, the solution will be used to record and share data related to “the exchanges of regulatory information associated to companies’ difficulties,” and “the changes of status of the company registered on the French territory.” That incorporates such data as the change of registration court office, corporate name, the establishment of branch offices, and business dissolution.
In a pilot, National Court of Clerk (NCC) managed to shorten the time required to update the registry from several days to a single day. Mr. Vincent Fournier, Senior Manager Blockchain at IBM France, stated that “blockchain’s qualities are ideal for this use, enhancing the Clerks’ business processes and adapting to the ever-changing nature of their missions.”
IBM has announced many commercial blockchain products and filed a number of blockchain-based patents. However, IBM offers the greatest number of blockchain jobs, as per recent research by The Next Web.
Prior this week, IBM collaborated with blockchain consortium and credit union service organization CULedger to develop new blockchain-related solutions for the credit union industry. These solutions can enhance services such as digital identity authentication, KYC compliance, lending and payments services, and other consumer processes that require verification.
Prior this month, IBM unveiled two new patents targeting network security using blockchain tech and focusing on database management using the tech.