According to the official announcement made yesterday by the National Council of Clerks (NCC), French commercial court clerks will use a blockchain based platform to record changes in the company’s legal status within France. The blockchain aims to provide a solution to France’s registry. Apparently, the country does not have a central corporate registrar; therefore all changes to commercial and corporate records have to be submitted via the local commercial courts.
Sophie Jonval, President of the National Clerks Council said that;
“This project, which is the result of an autonomous initiative between clerks of commercial courts and IBM, is the continuation of our efforts to be pioneers in the adoption of innovative technologies, to strengthen the quality of the public service provided by the commercial justice system, dedicated to the expectations and requirements of today’s multi-polar and interconnected economic world,”
As per the announcement, the blockchain network;
- Will bring added transparency and efficiency through improved management of legal transactions linked to the lifecycle of companies in the registry.
- Record and share data related to the exchanges of regulatory information related to companies’ difficulties.
- Record and share data linked to the changes of status of the company registered on the French territory.
These data include things such as the change of corporate names, the establishment of branch offices, business dissolution and the registration office. Developed by both IBM and NCC, the blockchain platform is built on the Hyperledger Fabric framework which will help speed up the process of the company formation and also provide a safe and secure blockchain network for its users.
International Business Machines Corporation, abbreviated as IBM, is a New York-based multinational information technology platform. The platform is quite established and is famously known as the leading enterprise blockchain provider.
The platform has collaborated with a lot of companies in various sectors, including healthcare and supply chain to help implement the blockchain technology. Just recently IBM partnered with CUSO CULedger, a credit union service organisation, to develop blockchain solutions for global credit unions. These blockchain solutions aim to develop landing and payment services, digital identity authentication and the Know Your Customer (KYC) compliance services.
The Senior Manager Blockchain at IBM France Vincent Fournier believes that;
“Blockchain’s qualities are ideal for this use, improving the Clerks’ business processes and adapting to the ever-changing nature of their missions.”
The first tests for this initiative were carried out, and a confirmed roadmap was developed. The blockchain network is set to launch by mid this year,