Paris Notaries will use Blockchain

Paris Notaries will use Blockchain


The article was written by: Adolfo Morán – Senior Fintech Lawyer at EY Peru and Founder of Lawgic tec.

 

A document has recently been published explaining the uses that would be granted to a private blockchain by notaries of the Greater Paris metropolis in the French capital. 

 

The presidents of the five Chambers of Notaries of Greater Paris announced the birth of the “Notarial Blockchain” (BN), a private blockchain which, among its various applications, would serve for the traceability of documents and company actions.

The presidents of the chambers indicated (Paris, Hauts-de-Seine, Versailles, Essone, and Seine-Marne) signed last June 16 the so-called BN Trust Policy, whereby the BN Trust Authority was created for the provision of blockchain notarial services.

The aforementioned authority is governed by a committee composed of the 5 presidents of the Chambers of Notaries of Greater Paris and its role is to ensure compliance with the rules governing the operation and use of the BN, which are set out in the Trust Policy.

The document justifies the creation of this Notarial Blockchain system in that it allows certifying that a transaction is reliable and secure. It is also pointed out that, due to the fact that since the emergence of the blockchain it was echoed that traditional intermediaries (e.g. notaries) were going to disappear, it was necessary for notaries to understand this technology in order to adapt it to their profession.

The document highlights that blockchain has proven to be a successful technology to ensure the constitution of evidence, its preservation, and restitution, giving all the guarantees of reliability and inviolability, which correspond perfectly to the customs and values of the notarial profession.

Original source: https://thecryptolegal.com/notarios-de-paris-utilizaran-blockchain/