A blockchain or distributed ledger technology (DLT)-enabled pilot for handling various notary services has reportedly been introduced in Suzhou, China.
China Quality News reports that Suzhou’s authorities are supporting the DLT pilot, which could potentially assist millions of residents with gaining secure access to legal and government offices through an online portal.
The pilot, developed by the Suzhou Municipal Market Supervision Bureau and the Suzhou Municipal Bureau of Justice, will aim to provide several standard services, including those related to personal freedom, life, health, and property rights.
All materials will be accessible via a cloud-powered platform. There will also be audio and video records that the notaries can access, so that they can take care of legal documents and processes.
The blockchain-based network will be called the “Suzhou Notary Chain.” Administrative law enforcement agencies will be able to use the notary chain for completing online or digital notarization. The files will be managed on a cloud platform and any disputes that may arise will also be handled through the platform.
Normally, audio and video files are stored in a law enforcement agency’s database, however, the DLT-enabled notary chain will have more functionality as it will process everything, including recording and the distribution of the files. This will ensure “easy data storage, high security, non-tampering, and traceability,” which could allow for greater transparency.
China has been leading the way when it comes to adopting blockchain-based solutions. The country is also working on its own central bank digital currency (CBDC).
A pilot program was recently introduced in the nation’s Hainan’s province that aims to facilitate cross-border payments by leveraging DLT.
China’s government has also published a detailed plan which reveals how Hainan can serve as a free trade island. The initiative may lead to more institutions looking into using blockchain tech for streamlining routine government procedures.
