France's court clerks will use a blockchain platform developed by technology giant IBM to record changes in the legal status of the country's companies, it was announced yesterday.
The platform, which has been jointly developed by the Big Blue and the National Council of Secretaries (NCC), will begin to be used this year. It is based on IBM's Hyperledger Fabric technology and aims to increase transparency and efficiency in all legal transactions associated with French companies.
Blockchain technology will be used to record and share all changes related to the companies registered within the national territory, such as the company name, its address, the establishment of new branches, etc.
After the pilot tests, the NCC has reported that the use of this technology will allow to reduce the time needed to update the companies' information from several days to a single day.
Why it is important
- IBM has already registered a lot of blockchain-related patents, which shows how interested the technology giant is in blockchain.
- In December 2018, it was reported that France plans to invest €500 million in blockchain in order to develop the country's ecosystem.
- Earlier this month, it was known that the French financial regulator wants to ban anonymous cryptocurrencies.
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