A report has said that 40 firms have used Shanghai’s blockchain-powered notary platform to handle over 3,000 cases since its launch in January.
It has been reported by Jiemian that the “Hui Cun” platform, which is managed by Shanghai Xuhui Notary Public, is a blockchain-based electronic data storage protocol that exercises notarization functions.
However, it stores pictures, videos, and screen recordings on the platform through a blockchain network. These files are then preserved for use in litigation.
Shanghai’s Xuhui Notary Public Office claim that the platform allows them transparently preserves evidence, and drop notarization costs by an average of 44%.
Pan Hao, the Director of the Xuhui Notary Public Office, commented:
“The electronic evidence stored on the Hui Cun platform, because its authenticity is guaranteed, also provides a platform for the court to promote further the application of new technologies in the collection of evidence, explore and research to solve the authenticity of evidence in evidence, and help to promote the court to crack Intellectual property facts are difficult to find out.”
As per the report, in June, authorities of Suzhou, China also announced a blockchain-powered pilot program that will provide the region with notary services.
Thus, the program allegedly aims to help millions of citizens access legal and government offices through the Internet, and covers services related to personal freedom, life, health, property rights, and more.