The French commercial court has recently decided that its clerks will use a platform that is based on blockchain in order to record the changes in companies’ legal status within the country. According to an official announcement that is in the crypto news today, the blockchain platform is a new milestone for the commercial court in France.
Developed in a partnership that includes IBM and the National Council of Clerks (NCC), this platform will reportedly be deployed in 2019 by the clerks that are operating in commercial courts everywhere across France.
Built on the Hyperledger Fabric framework, the platform aims to increase transparency and efficiency in the legal transactions associated with the lifecycle of companies in the registry. As the documents noted, the solution will be used to record as well as share data related to “the exchanges of regulatory information related to companies’ difficulties,” and “the changes of status of the company registered on the French territory.”
This includes data as change of corporate name, registration court office(s), establishment of branch offices as well as business dissolution. There has been a pilot in which the NCC managed to shorten the time needed to update the registry from several days to a single day.
According to Vincent Fournier who is a Senior Manager Blockchain at IBM France:
“The qualities that blockchain has are ideal for this use, improving the Clerks’ business processes and adapting to the ever-changing nature of their missions.”
So far, IBM has released various commercial blockchain products and is known for filing a lot of patents related to the blockchain technology. The company offers the greatest number of blockchain jobs too, according to recent data by The Next Web.
This week, IBM has also partnered with the blockchain consortium and credit union service named CULedger – with the main aim of developing new blockchain-based solutions for the credit union industry. According to information, these solutions will be used to improve services such as digital identity authentication, Know Your Customer (KYC) compliance, lending as well as payments services.
In addition to this, IBM was active in the field of patents this month, revealing two new patents tied to blockchain security and database management.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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