The clerks of a French commercial court will take advantage of a blockchain-based platform in order to monitor and record various changes in the legal status of companies within the whole of France. The French court authorities officially announced this on March 14.
Blockchain Network Solution
The solution to the problem of lack of organization is an extensive recording and sharing of data that is related to regulatory information exchanges brought about by a particular company’s difficulties. What will be monitored includes the changes in a company status based on its registry in France. In short, the blockchain network will monitor the change of corporate name, business locations, business dissolution, the establishment of branch offices, and location of the registration court office.
IBM and the National Council of Clerks (NCC) have jointly developed the blockchain network. The clerks of French commercial courts across the country will deploy the blockchain network starting 2019. The aim is to increase transparency and facilitate efficiency in all legal transactions that involve registered companies. In addition, the blockchain platform uses the Hyperledger Fabric framework.
IBM Commercial Blockchains
In fact, according to The Next Web research, IBM has already released a number of commercial blockchain products and has filed many patents. Furthermore, IBM has offered many people a great number of blockchain jobs.
This week alone, IBM formed a partnership with CULedger, a credit union service company. The goal was for the credit union industry to develop new and more efficient blockchain-based solutions. Indeed, this move can help facilitate digital identity authentication, KYC procedure, consumer processes needing authorization, as well as payment services.