Hyperledger Fabric framework was used to build the blockchain platform, which promises to raise the level of transparency and effectiveness in legal trades linked to lifespan of enterprises in the data base.
In particular, the software will be used to save and share information related to “the exchanges of regulatory information related to companies’ difficulties,” in addition to “the changes of status of the company registered on the French territory.” That includes information such as registration court office, change of corporate name, business dissolution and establishment of branch offices.
NCC reportedly attempted to reduce the time the required to tweak the registry from a few days to a maximum of one day in a pilot.
Regarding the benefits of using the blockchain platform, Vincent Fournier, Senior Manager Blockchain at IBM France, said that “blockchain’s qualities are ideal for this use, improving the Clerks’ business processes and adapting to the ever-changing nature of their missions.”
IBM has introduced numerous blockchain products and also filed several patents related to blockchain. Additionally, IBM supposedly offers the maximum number of blockchain jobs, per a recent study by The Next Web.
Earlier this week, IBM joined hands with CULedger, a blockchain consortium and credit union service organization, to introduce new facilities based on blockchain for the credit union sector. The planned solutions are expected to enhance services such as digital identity authentication, lending and payment services, know your customer compliance and other consumer related procedures that necessitate authentication.
Furthermore, in March, IBM disclosed two new patents that explain systems based on blockchain technology. The first patent is about network security while the second one is about database management.