40 companies have reportedly adopted Shanghai’s blockchain-based notary platform to finalize more than 3,000 cases since the platform’s release in January this year.
Specifically, the “Hui Cun” platform (operated by Shanghai Xuhui Notary Public) reportedly functions as a blockchain-powered electronic data storage protocol, which offers notarization functions – providing storage for pictures, videos, and screen recordings on the using a blockchain network. The file will then be safely kept for use for litigation purposes.
Shanghai’s Xuhui Notary Public Office reportedly disclosed that the platform enables transparent evidence preservation, along with reducing notarization costs by an average of 44%.
“The electronic evidence stored on the Hui Cun platform, because its authenticity is guaranteed, also provides a platform for the court to promote further the application of new technologies in the collection of evidence, explore and research to solve the authenticity of evidence in evidence, and help to promote the court to crack Intellectual property facts are difficult to find out.” Pan Hao, director of the Xuhui Notary Public Office, reportedly shared his remarks regarding the blockchain platform.
In June this year, the Suzhou, China government has reportedly disclosed details of a blockchain-based pilot program, which aimed to make notary services available across the territory, ultimately helps millions of citizens to be able to utilize legal and government offices through the Internet, as well as taking care of services in different areas, nominally personal freedom, life, health, property rights, and more.