French Commercial Courts Are Switching To Blockchain
In France, court secretaries will use a blockchain-based platform to register the legal status of companies and to record any changes in their activities in the decentralized ledger. This is reported in the official statement of the National Council of Clerks of France.
Workers of the commercial courts will be using the distributed ledger developed together with IBM. The platform is expected to be launched in 2019.
In particular, the blockchain solution will allow registering any legal changes in a company’s activities — changing the name or registration address, creating new subsidiaries, liquidation of the firm, and so on. Moreover, the secretaries will be able to exchange data between themselves. It is noted that the decentralized platform will bring new opportunities for managing modern corporate registries.
French courts have already tested a pilot version of the IBM product. The blockchain tech helped to update information in the database in just a day, instead of the usual several days.
Vincent Fournier, the senior blockchain manager at French IBM, claims that the technology is ideal for working with corporate registries and business processes since it adapts to their constantly changing nature.
In January, IBM signed an agreement with a Spanish seaport Algeciras, which will use the distributed ledger for cargo transportation by sea. Algeciras, considered one of the busiest ports in Europe, will connect to the Tradelens blockchain platform, which already includes over a hundred companies and twenty ports.
Besides, IBM has recently registered a patent protecting blockchain from cyber attacks.