China’s first blockchain-based notary office has opened in Beijing.
The lawyers’ offices in the centre of the capital mark a new era for legal services in the country as Chinese authorities look to embrace the use of blockchain – the same technology which underpins most of the world’s cryptocurrencies.
It is anticipated that, after several months of trials with the Beijing project, the technology will be eventually rolled out across all of China’s notary offices.
Shortly after opening the service, Wang Mingliang, director of the Beijing CITIC Notary Public Office, explained how the principles upon which blockchain technology is based match the values required from notarisation.
“Blockchain is, essentially, a highly credible data and computing technology that solves the problem of trust and cost in information asymmetry and uncertain environments,” he said.
“Notarisation is the truth of civil legal acts, related facts and instruments in accordance with the law – the activities of proof and legitimacy.”
Mr Mingliang added there was common ground between blockchain and the ideals of a Notary, and that the two industries could naturally complement one another.
China is looking to implement blockchain nationwide in areas where security is paramount to electronic contracts and intellectual property protection.
The new system allows certificate holders to verify the contents of legal documentation simply by scanning a two-dimensional code on a paper certificate.
It is understood blockchain technology will remove the possibility of any kind of printed document fraud.
The CITIC Notary Office also said it would continue to explore further consensus mechanisms that would help make the processing of legal information more efficient.