By China recently opened its first blockchain-enabled notary office in Beijing as reported by local media outlet People on April 19.
As per the report, the new service was launched on Friday at the Beijing CITIC Notary Office with the head of the operation reportedly stating that this development of the blockchain notary service.
During the official launch event, Wang Mingliang, the director of the Beijing CITIC Notary Office stated that he believes blockchain carries the value of both notarization and legal significance of blockchain certification.
A professor by the name of Hu Jiyu at the School of Business of China University of Political Science and Law, was quoted saying that blockchain has the advantages of being low in cost, efficient and stable.
This newly introduced service purportedly allows holders of certificates with the ability to verify the contents of legal documents by use of scanning codes. The integration of blockchain into the notary industry will ultimately prevent forgery of documents as well as prevent fraudsters from taking advantages of loopholes found in informational asymmetries.
As reported, the Chinese city of Guangzhou has issued a business license for the use of blockchain and artificial intelligence technology. This license was issued by the administrative centre of Huangpu District and allegedly represents the first blockchain and AI business license for the nation.
Earlier this month, Chinese media outlets reported that the nation is currently leading the charge in terms of the number of blockchain projects currently in progress within the country. As reported by Blockdata, China.org stated that currently there are 263 blockchain-related initiatives in China which accounts for a staggering 25% of the global total.
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