France is taking a new step with the help of blockchain distributed ledger technology (DLT). The latest advancement to brace cryptocurrency and blockchain in the country is put forth by the National Council of Clerks (NCC). The council has pilot tested a blockchain DLT based solution for the registries of the commercial and the corporate sectors.
France would now soon be rolling out the piloted project across the country to over one hundred and thirty (134) offices of registries. The new system would sync the corporate and commercial registries across the nation in real time.
This would enhance the communication network and ensure that most updated data is available on each firm and business.
The council has been working to adopt the latest technology in order to keep up to date and most accurate information as a “single version of the truth” across the country. These records may include the expansion details, relocation from one area to another, dissolution applications and various other activities.
The newly incepted system would also allow the country to speed up its registration process and bring it down to a single day from several days of complex documentation.
The president of the council Sophie Jonval expressed to the media that, the project initiated with the help of IBM is a pioneering project of its kind. The project would not only strengthen the country technology-wise but would also improve the commercial justice ecosystem in the country.