French commercial court clerks will use a blockchain-based platform to record changes in the legal status of companies within the country. The development was divulged in an official announcement on March 14.
Interestingly, the blockchain network was cooperatively developed by IBM and the National Council of Clerks (NCC). It will supposedly be deployed opening in 2019 by the clerks operating in commercial courts across France. Notably, the blockchain platform is built on the Hyperledger Fabric framework and aims to boost transparency and efficiency in legal transactions associated with the lifecycle of companies in the registry.
Particularly, the solution will be used to record and share data related to the exchanges of regulatory information related to companies difficulties. It will also be used to record the changes of status of the company registered on the French territory. That includes such data as business dissolution, registration court office, change of corporate name, and establishment of branch offices.
Interestingly, NCC supposedly managed to cut down the time required to update the registry from quite a few days to a single day, in a pilot. Senior Manager Blockchain at IBM France, Vincent Fournier said that the qualities of blockchain are ideal for this use, improving the Clerks’ business processes and adapting to the ever-changing nature of their missions.
It is to be noted that IBM has released a range of commercial blockchain products and filed a number of blockchain-related patents. Additionally, IBM purportedly offers the largest number of blockchain jobs, as per recent research by The Next Web.
Notably, IBM partnered with blockchain consortium and credit union service organization CULedger, this week. The partnership is aimed at developing new blockchain-based solutions for the credit union industry. These solutions can purportedly perk up services such as KYC compliance, digital identity authentication, lending and payments services, and other consumer processes that necessitate authentication.
In addition, IBM divulged 2 new patents this month, targeting network security using blockchain technology and focusing on database management using the aforementioned technology.