The intention is to enable more offices and use blockchain technology for the registration of legal documents, as well as to improve processes and increase the confidence of its citizens through the notary system in the near future
Beijing finally opened its first legal office that will be certified for notarization of documents based on a blockchain technology system. This is a new advance for the Asian city and the projects made with distributed accounting technology.
The activities began with high expectations in the public notary of that region and it is expected that legal documents can be processed and registered in a blockchain database from the moment of opening, allowing for greater fidelity in the safekeeping of legal contracts, birth certificates, among others.
During the official launch, the Director of the office, Wang Mingliang, expressed that developers are very excited to take this leap to the certification of legal documents through blockchain technology. In addition, he assured that with this new mechanism to register the documents through blockchain technology, the user would expend the same value as registering the documents in a conventional way; even using blockchain would be cheaper.
According to Mingliang, this alternative offers advantages and facilities that only new technologies can offer. “Blockchain technology is essentially a highly credible data and computing technology which solves the problem of trust and cost in the asymmetry of information and uncertain environments”, Mingliang said.
To confirm this point of view, the Professor of the Business School at the University of Political Science and Law of China, Hu Jiyu, added that these new technologies can improve all the registration processes, besides reducing important costs with high security. Stability and efficiency make these new processes revolutionize the way to store important legal and financial data in the near future.
According to information offered by users who have already certified their documents, the new notarization system will allow the certification holder to review the document in detail by directly scanning the document, using a code provided to be decoded with a reading tool. This means that this tool, which is supported by a blockchain system, directly avoids falsifying documents and denying relevant data to scammers.
More Trust in Chinese Notaries
The number of scams and counterfeiting of documents is relatively high in the Asian city, so Mingliang believes that launching this new blockchain system in the city’s notaries could generate greater trust among citizens and public registry institutions, which is a very important solution. For this reason, Mingliang thinks that “through the dual credit enhancement function of national credibility + technical confidence” It would be an advance in this area.
This is just one of the many projects of this nature that have developed the Asian country. According to reports from Chinese media, the country leads, with 25%, the list worldwide of the countries with more projects related to blockchain technology. These data close the figure with 263 projects in development or already applied in the region.
By María Victoria Rodríguez