For a firm responsible for maintaining over 134 registries in France mantaining and updating the same database in an orderly and timely fashion can be a cumbersome task. However, for the National Council of Clerks (NCC) blockchain technology has presented them with an efficient and secure way to maintain its database.
After carrying out a successful trial to help clerks in four commercial courts in France, the NCC decided to go full blown and integrate a blockchain solution into its current systems. The test was a success and helped reduce the time taken to update a registry significantly from a few days to 24 hours prompting the NCC to reach out to IBM to get the whole solution in place.
In a bid to ensure the clerks have an easy time and can update the database easily, giant technology firm IBM will host the solution on Hyperledger Fabric framework. The latter is an open source platform under the hands of Linux Foundation and will be used to not only streamline systems in place but also fast track exchange of information between the clerks. Similarly, the blockchain solution will help improve service delivery and further improve the level of efficiency. The solution under development will be devoted to the clerks working in the commercial courts and corporate registry.
Other Advantages of the Blockchain Solution
Once implementation is done the clerks will have a seamless connection that will enable them to share regulatory information concerning challenges companies go through.
In addition to the latter, the blockchain solution will enable clerks to update the database quickly when a business is dissolved, when a new branch is opened, change of corporate name, and even when a business replaces the court office in which the company was registered at.
Similarly, keeping clean and up to date records will be easy since all clerks will be in one seamless network regardless of their physical location. Furthermore, through the latter, any request for an update will be made quickly and easily done right at the platform.
Moreover, through the blockchain solution transparency will be of the highest level hence level of trust between the clerks will improve. Similarly, retrieving records from the blockchain solution will be easy, and documents will be accurate.