Clerks of the French Commercial Court will use a blockchain-based platform to register changes in the legal status of companies within the country. Development was disclosed in an official declaration on March 14th.
The blockchain network was jointly developed by IBM and the National Council of Clerk (NCC) and will be launched by clerks working in commercial courts throughout France in 2019. The Blockchain platform is built on the Hyperledger Fabric Framework and aims to increase transparency and efficiency in legal transactions involving the lifecycle of the companies in the Registry.
In particular, the solution will be used to record and share data related to the “exchange of regulatory information related to the difficulties of companies”, as well as “changes in the status of registered company in the French field.” Corporate name, registration court office, establishment of branch offices, and business dissolution.
In a pilot, the NCC has been able to reduce the time necessary to update the registry in a day in a day, reportedly for several days. Blockchain Vincent Forenier, Senior Manager in IBM France said that “properties of Blockchain are ideal for this use, which are improving the business processes of clerks and adopting the changing nature of their mission.”
IBM has issued various commercial blockchain products and filed many blockchain-related patents. In addition, IBM provides blockkain jobs in large numbers according to the latest research on Next Web.
This week, IBM partnered with Blockchain Consortium and Credit Union Service Organization CULedger to develop new block-based solutions for the credit union industry. These solutions can improve services such as Digital Identity Authentication, Know Your Customer Compliance, Loan and Payment Services, and other consumer procedures that require authentication.
Even this month, IBM unveiled two new patents targeting the network security using blockchain technology and focused on database management using technology.