Various countries around the world are implementing Blockchain technology in different sectors. Out of which, China is one of the fastest growing nations in terms of Technology.
China's first-ever blockchain-enabled Notary has opened its offices in Beijing, a local news agency reported on April 19. According to the report, the operations begun on last Friday at the Beijing CITIC Notary Office. The head of the office also mentioned that the latest step is the beginning phase of the blockchain notary service era.
In the launch event, Wang Mingliang who is the director of the Beijing Notary Office said that he believes that blockchain-based notarization consists of the value of notarization and importance of the blockchain certification. Hu Jiyu, who works at the School of Business of China University of Political Science and Law as Professor, stated that blockchain has benefits of low cost, high efficiency, and stability.
The newly adopted system enables the certificate holder to verify the contents of the document by just scanning a code. Adding blockchain technology in Notary will finally prevent the forging of documents, and also stop the fraudsters to take benefit of the informational asymmetries.
Different parts of China are welcoming blockchain technology with open hands. Various Companies are implementing Blockchain technology in different sectors. Recently, Guangzhou one of the city in China has issued a Business license with the help of Blockchain and Artificial Intelligence (AI). The license was provided at the administrative center of Huangpu District, Guangzhou, and it allegedly represents the first blockchain and AI-powered business license in China.
In the beginning of this month, Chinese media mentioned that the country is ranking in the first position in terms of the total number of blockchain projects running in its territory. According to the report shared by Blockdata, China.org.cn mentioned that there are 263 blockchain-related projects in China, accounting of 25% of the worldwide projects.