In an official announcement on March 14, IBM confirmed its partnership with National Council of Clerks (NCC) to deploy a blockchain-based platform to help to keep track of changes of the company’s legal status in the country.
Aiming to add transparency and efficiency to the working process, the project will come to use in the first half of 2019.
The platform is based on Hyperledger Fabric framework, specifically designed to suit the needs, which are sharing data related to “the exchanges of regulatory information related to companies’ difficulties,” and also “the changes of status of the company registered on the French territory.” Data includes company registration, change of name, and launch of new office branches.
The project has already undergone a test involving four court clerks and IT providers. In the pilot version, NCC managed to cut down the needed update time from several days to just in a single day. Senior Manager Blockchain at IBM France, Vincent Fournier, said: “blockchain’s qualities are ideal for this use, improving the Clerks’ business processes and adapting to the ever-changing nature of their missions.”
While enhancing the speed and transparency of the system, the technology can also make the French Commercial and Corporate Registry a technological leader in the European Union, IBM believes.
This week, IBM has joined forces with Credit Union Service Organization member CULedger to work on blockchain solutions for the credit union services industry to improve its speed and efficiency in service delivery. Earlier this month, the tech giant has released two blockchain patents for security and database management, reported by The Crypto Sight.