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China Launches First Blockchain based Notary Management

It is wide known fact that private companies are hot pursuing the blockchain technology but it is interesting to know what governments are doing across Worldwide. While there has been downplay of all crypto events in recent times including crypto currencies and that can be well gauged by the fact that prices of all Cryptos are doing poor.

Very less people know that blockchain is in blossom season in China. Private industry in China whether mining or development is already heading straight North. But this time Chinese government has jumped in this competition in a big way and its notary has started using the blockchain, as we hear that China’s First Blockchain-Enabled Notary has been opened in Beijing, the capital city.

While launching the new initiative the director of the Beijing CITIC Notary Office Wang Mingliang pointed that he believes that blockchain-based notarization has both the value of notarization and legal significance of blockchain certification. The newly implemented system allows the certificate holder to verify the contents of the document by scanning a simple digital code. This unique blockchain integration in the Chinese notary industry will significantly prevent the forging of documents, and prevent fraudsters from taking advantage of legacy system and its asymmetries.

Another dignitary Hu Jiyu, a professor at the School of Business of China University of Political Science and Law, also professed that blockchain has the advantages of low cost, high efficiency, durability and stability. It is further reported in media that the Chinese city Guangzhou has issued a business license using blockchain and artificial intelligence technology. This is first blockchain and AI-powered business license in China. License was issued at the administrative center of Huangpu District, Guangzhou.

Readers should be aware that China is leading the world in the number of blockchain projects. There are some 263 blockchain-related projects in China, which means approximately 25% of the global blockchain projects are being researched and executed in People Republic of China. And clearly China is not dark horse in world as far as blockchain technology is concerned.

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Bryan

Bryan is an avid news reader and a crypto investor. You will often find him busy researching about cryptocurrencies on a beach side.

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