Beijing Welcomes First Blockchain-Enabled CITIC Notary Office to Open in China
Blockchain technology is widely appreciated for its ability to maintain a consistent and reliable ledger that cannot be changed once something is posted to it. Considering the nature of notary services, this type of ledger would be ideal for keeping track of notarized records. In China, the first blockchain-enabled notary for the country has opened its own office within the borders of Beijing.
The report, published by People on April 19th, explains that the service only opened their doors on Friday at the Beijing CITIC Notary Office. When speaking with the publication, the office stated that this is just the start of the notary service era that will include blockchain technology.
The director of that office, Wang Mingliang, spoke at the launch event, saying that he believes that there is a twofold benefit, considering how much value is held in the notarization and the legal validity in blockchain technology. Professor Hu Jiyu of the School of Business of China University of Political Science and Law spoke as well, saying that the low cost, the impressive efficiency, and stability that blockchain has.
With the new system, the certificate holder simply scans code to verify the document information. By implementing blockchain technology in the notary industry, it will become nearly impossible for documents to be forged, stopping scammers from being able to infiltrate data with informational asymmetries.
A business license was recently issued by Guangzhou, a city in China, with the use of blockchain technology and artificial intelligence tech. This is the first time that a business license has been issued with the use of blockchain and AI, which was issued via the administrative center of Huangpu District, Guangzhou.
Earlier in April, local reports stated that China was the leader in the number of blockchain projects that they currently have in place within their country. Blockdata reported that China is the home to 263 blockchain-related projects, which is about 25% of the blockchain-based projects being done around the world.