Commercial court clerks in France to begin using IBM-developed Hyperledger Fabric-based blockchain platform this year.
Commercial court clerks in France will begin using a blockchain-based platform to track changes in companies, according to a statement released yesterday.
The system, developed by IBM and the National Council of Clerks (NCC), is based on the Hyperledger Fabric framework – an open source project from the Linux Foundation – and will be rolled out sometime this year.
Judging by a successful pilot scheme, the new system promises improved efficiency and transparency in legal company record keeping procedures, and should cut the time required for updates, like change of court office in which a company is registered; change of corporate names; the addition of a new branch office; or even dissolution of the business, etc, from several days to just one.
According to IBM, the introduction of the technology will be very beneficial where updates affect multiple regions, requiring coordination among the different local registries.
Discussing the project 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.”
While Senior Manager Blockchain at IBM, Vincent Fournier, added:
“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.”
IBM, which is heavily involved in blockchain development, is also working with blockchain consortium and credit union service organisation CULedger, to create solutions to improve digital identity authentication and Know Your Customer compliance.
The company has filed several blockchain-related patents, and just this month announced to new ones related to network security and database management.
AYO.NEWS says:
This is yet another example of how blockchain technology is being adopted ‘behind the scenes’, away from the attention of the mainstream media, to materially improve the functions of both state and business. This kind of usage really is an ideal fit for blockchain technology and we should expect other nations, especially in Europe, to follow suit in the near future.
