China - Blockchain-Enabled Notary Opens Office
Tuesday, 04 30 2019, Category: Technology, Country: World
China’s first blockchain-enabled notary has opened offices in Beijing, local media People reported on April 19.
Per the report, the service opened last Friday at the Beijing CITIC Notary Office. The head of the office reportedly stated that the development marks the beginning of the blockchain notary service era.
During the launch event, the director of the Beijing CITIC Notary Office Wang Mingliang noted that he believes that blockchain-based notarization has both the value of notarization and legal significance of blockchain certification. Hu Jiyu, a professor at the School of Business of China University of Political Science and Law, is also quoted stating that blockchain has the advantages of low cost, high efficiency and stability.
The newly implemented system purportedly allows the certificate holder to verify the contents of the document by scanning a code. Blockchain integration in the notary industry will purportedly prevent the forging of documents, and prevent fraudsters from taking advantage of informational asymmetries.
As Cointelegraph reported earlier today, the Chinese city Guangzhou has issued a business license using blockchain and artificial intelligence (AI) technology. The license was issued at the administrative center of Huangpu District, Guangzhou, and reportedly represents the first blockchain and AI-powered business license in China.
Earlier this month, Chinese media reported that the country is leading the world in the number of blockchain projects currently underway within its borders. Citing a report by Blockdata, China.org.cn stated that there are 263 blockchain-related projects in China, accounting for 25% of the global total.