Commercial Court of Clerks across France will be deploying blockchain based platform to record changes in companies’ legal status on Hyperledger blockchain framework developed by IBM. IBM and National Council of Clerks (NCC) mentioned about the development news on March 14.
IBM and NCC both together have worked to build the blockchain network. The system is expected to go into full-scale production by the first half of 2019. The objective of the network is to allow the commercial court of clerks to perform their duty faster and even better.
The blockchain platform is developed on the Hyperledger Fabric framework which plans for a greater level of transparency and also productivity in legal transactions related to the company’s lifecycle in the registry.
Explicitly, the blockchain platform will be utilized to share and record the data related to“the exchanges of regulatory information about the problems the companies are experiencing”, and also to record the change of status of the company which is listed on the French province.” Information such as setting up of new branch offices, business dissolution, business name changes, change of court office in which the company is listed. The above information should be updated, and when updating information, the process may include various regions, which needs local registries to coordinate and this is where the blockchain technology can be used to share a single version of truth within the court of clerks. The blockchain platform promises transparency.
The blockchain project is developed on the Hyperledger Fabric framework which is an open source project related to Linux Foundation and is specifically designed to share the information within the clerks in a more simplified way.
In a pilot, the NCC apparently managed to reduce the time from several days to a single day which was required to update the registry. Blockchain Senior Manager at IBM France, Vincent Fournier stated that
“the properties of blockchain are perfect to use for this case, advances the business processes of Clerk’s and allows for adjusting to the dynamic changing nature of their mission.”
According to the latest research conducted by The Next Web mentions that several commercial blockchain based products have been revealed by IBM and have registered various blockchain patents. Apart from this, IBM provides a large number of blockchain jobs.
NCC president Sophie Jonval, says that most of the expectations and requirements of today’s multipolar and of interlinked economic world are answered by the project.
In this week, IBM has collaborated with blockchain organization and with credit union service organization CULedger to build new blockchain solutions mainly for the credit union industry. The solutions which IBM along with its counterpart intends to develop is supposed to enhance services such as Know Your Customer compliance, digital identity authentication, lending and payment services and also other consumer processes which needs authentication.
At last, the initiative taken by IBM and NCC can help for strengthening the position of the French Commercial and Corporate Registry across the European Union in which the business is already involved with the interconnection of business registers.