French National Council of Clerks (NCC) has announced the completion of tests on a blockchain-based solution for registries of commercial and corporate companies.
According to reports, with the successful pilot test, the blockchain platform will be rolled out to other parts of the country consisting over one hundred and thirty four (134) registry offices which would sync the commercial and corporate registries across the country in real time.
Before now, the council is said to have sought to adopt latest technology for a modernized, coordinated, verifiable and up to date “single version of truth” across all legal and company life-cycle records. These records include company expansion details, relocation notices, dissolution applications and other related changes in company status.
Citing the advantages of the blockchain registry solution, the council states its benefits include:
- It enhances communication network for company information
- Ensures availability of updated data on each firm and business lifecycle event
- Provides a platform for shared information.
- Speeds up registrations from several days to a single day
- Improves data accuracy
- Offers a reliable and cost effective system than paper processes
- Easy to use platform in cases of complex documentation.
President of the NCC, Sophie Janval expressed satisfaction with the project while also lauding IBM which partnered the NCC on this pioneer project. In her words:
This project, which is a result of an autonomous initiative between NCC and IBM, is the continuation of 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 multipolar and interconnected economic world…The project would not only strengthen the country technology-wise, it would also improve the commercial justice ecosystem in the country.
The initiative a first in the French justice sector is also pitched to strengthen the transparency and position of the French Commercial and Corporate Registry in the European Union.
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