China’s first blockchain-based notary services opens in Beijing and first blockchain and AI powered business license issued in Guangzhou.
In another blockchain milestone, China’s first blockchain-based notary has opened offices in Beijing.
Local media reported the Beijing CITIC Notary office started offering blockchain-based services on Friday 19th April. According to the director of the office, Wang Mingliang, blockchain-based notary services will combine the legal status of notarisation with the efficiency and certainty of blockchain certification.
Using the new system, certificate holders will be able to verify documents by simply scanning a code, and it is hoped that blockchain legal records can help prevent forgeries and reduce fraud.
Despite the Chinese government open hostility to cryptocurrency mining and exchanges, blockchain technology is gaining traction rapidly in the country, with the country estimated be home to around a quarter of the world’s current blockchain projects, and said to be one of the top filers of blockchain-related patents.
In another landmark day for Chinese blockchain, on Monday, Guangzhou, issued China’s first blockchain and AI-powered business license. Indeed, as AYO.NEWS reported last week, Donald Tapscott, executive chairman of Blockchain Research Institute, has predicted that China will go as far as switching to a digital version of the renminbi within 20 years (read more).
Several jurisdictions around the world are investigating the benefits of blockchain for legal record keeping. Last month we reported that commercial court clerks in France are to begin using a IBM-developed Hyperledger Fabric-based blockchain platform this year, in a bid to increase the speed and efficiency of legal changes to companies and related record keeping (read more).
