China’s Notary Office to Utilize Blockchain Technology

China’s Notary Office to Utilize Blockchain Technology

BEIJING – China has opened their first blockchain-based notary offices in Beijing at the CITIC Notary Office.

According to the report, Wang Mingliang, director of the Beijing CITIC Notary Office, stated he believes blockchain has both the value of notarization and legal significance of blockchain certification.

The new blockchain system will allow the certificate holder to verify the contents of given document by scanning a code.

The goal of implementing blockchain technology to the notary office is to prevent the forging of documents and prevent potential bad actors from taking of advantage of informational asymmetries.

Earlier this week, Chinese city Guangzhou issued its first blockchain-based business license, which also utilized artificial intelligence (AI) technology.

The license was issued at the administrative center of Huangpu District in Guangzhou and is the first blockchain and AI-powered business license in China.

China leads the world in the number of blockchain projects currently underway with 263, roughly 25 percent of all projects, according to a report by Blockdata.
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