French National Council of Clerks (NCC) have adopted IBM’s blockchain-based commercial court solution. The announcement was published by IBM on 14 March.
The report highlights that the blockchain solution will be utilized by the French commercial courts to bring transparency and competence in legal transactions. The blockchain solution will be utilized to record and share data associated with:
- The exchanges of regulatory information associated with companies’ challenges.
- The changes in the status of the registered on the French territory.
The report mentions that the principal mission of the clerks is to preserve the corporate and commercial registries. The registries will be holding the legal and economic information on all the businesses.
As per the report, IBM’s blockchain platform is built on the Hyperledger Fabric framework. The blockchain platform is designed to distribute the transfer of information among the clerks, improving the performance and provide better services to companies.
IBM trusted on its expertise in blockchain and cryptography to build the platform for NCC. In a pilot project, NCC was able to reduce the time of updating the registry which used to take several days for some complex cases.
The report notes that the initiative by NCC can help enhance the position of the French Commercial and Corporate Registry among European nations.
Sophie Jonval, President of the National Clerks Council, explained in the report that the project is the outcome of an initiative between the National Council of Clerks and IBM. Both organizations are endeavoring innovative technologies in order to address the requirements of the multi-dimension economic world.
Vincent Fournier, Senior Manager Blockchain at IBM France stated in the report:
“This initiative is a first in the Justice sector in France and is a perfect example of blockchain’s role in helping regulated professions as they transform.”
Fournier further highlighted blockchain’s features are ideal for the legal sector. The blockchain technology improves the clerks’ working processes that requires adapting to the ever-changing nature of NCC’s work.
Recently, IBM’s X-Force Red team launched a new blockchain security testing service to help recognize weaknesses and reinforce security with a wide range of solutions. The X-Force Red team will evaluate both backend processes used to handle the actual ledger environment as well as blockchain networks.