Beijing Welcomes China’s First Blockchain-Powered Notary

May 13, 2019

China’s first notary utilizing blockchain technology was unveiled in Beijing in April at the Beijing CITIC Notary Office, Cointelegraph reported.

At the ceremony, Director of the Beijing CITIC Notary Office, Wang Mingliang, expressed his belief that the notary service operating on blockchain-based solutions will carry the legal significance of blockchain certification.

Meanwhile, Prof. Hu Jiyu of the School of Business of China University of Political Science and Law, stated that notaries running on blockchain will be able to provide services at a lower cost, while offering more efficiency and stability for customers.

The blockchain-enabled notary system will let certificate holders examine documents and its contents by scanning a code. Experts have disclosed that using blockchain integration in the notary industry is expected to prevent fraud and document forgeries, as well as deter cyber criminals from exploiting informational asymmetries in the system.

Cointelegraph also reported other movements related to blockchain adoption in China. The administrative center of Huangpu district in Guangzhou has granted business licenses for the use of blockchain and artificial intelligence (AI) technology, a first for the country.

Meanwhile, Chinese media outlets announced that developers in the country are working hundreds of blockchain projects. Citing Blockdata, China.rog.cn reported a total of 263 projects in development, or 25% of all such projects in the world.

Source: cointelegraph.com

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