Blockchain is changing Law market in France and in all other sector.
That kind of sentence need to be develop to be understood.
I won't explain on this post what is Blockchain and how it work : I have already done this in that article The French Legal Recognition of the BlockChain - A Method of Issuing Dematerialized Securities 1/2.
I explained by the prism of french law what is Blockchain ; basically a new technology which permit to any user to use distribued register. It look like a minor evolution, but when you understand that all others registers and technologies are centralized, it's a big improve. Blockchain integrated Legal framework as a method of registering.
By register you think in first about personal data on internet or other wireless technology. But in fact, all system of Law in the world are founded by register. Any Legal systems works by classification ; a legal object is something and is not all the other (binary system as primal code in informatic).
Law is not only about that, and some legal situation are harder to classifiate : a context and provided facts could make the situation more complicated : it is and it also could be or the inverse. For that further technology, it's more to the side of Artificial Intelligence that progress have to be made (quantic computer is clearly linked, calculating by using all decimal between 0 and 1 instead of binary code will make that possible).
My though exposed, I want to share with you some Notary's Projects using Blockchain or kindalike to change Law market. It is an old market with lot of habitus.
I won't explain anything more on French Notary's market excepting some projects I have heard about, with no commenting on how it work because I personally don't try it, but only my view on potential of the application and why it's interesting or not.
The Paris Chamber of Notaries has set up a private Blockchain to secure and trace the documents managed by the offices. And it is already working on new uses, notably for the management of the directory of unlisted companies.
Different applications by or for Notary have been created and are still in progress.
1. The "Espace notarial"
It is an application service enabling notaries to manage their files and store all related documents privately and securely in Blockchain register. Each file is thus administered within an "electronic dataroom".
This first application of the Blockchain thus guarantees, for the different parties, the traceability of documents and their integrity via a follow-up of all the actions carried out on the files. Because the fingerprint is not the only information recorded on the Blockchain.
Other elements are added: date of recording of the print, name of the user, identity of the office and the application used. This application is today the Espace notarial.
2. A Blockchain register of non-listed companies
The Paris Chamber of Notaries is also planning to integrate the directory of unlisted companies into its private or licensed Blockchain, based on Hyperledger Fabric.
It will cause, I hope, less cost of modification on corporation, more accessibility and improve speed of changing.
3. A cunsumer website allow you to access to official register
But the functionalities designed around the blockchain are not only for notaries. A website (blockchain-notariale.fr) will soon be launched. It will enable the public to test the documents received by their notary and to check whether or not they belong to the blockchain-notariale.
Poof that Notary follow the right way : looks little innovation but mean a lot to all practitioners.
4. Large file transfer service project to be integrated
The Chambre des notaires is also developing the integration of its large file transfer service into the Blockchain.
Is it really Blockchain and good application for Law market ?
A Notary duty is to make authentic any important act to be enforceable, like selling a house. It's basically a centralized competence, so Blockchain could fear that profession. But, by using it and making this technology their, they using it with pertinency.
These applications can't be totally decentralized, so this private blockchain operates thanks to 12 miners equipped with a dedicated mining server. This number may be increased to twenty in a first stage. All the miners are connected to the technical infrastructure of the blockchain via a private network.
The project managers specify that the mining station is "in no way visible from the user stations within the study. Neither can these users join the private network dedicated to the blockchain. »
The addition of an additional minor is done through a secure enrolment process. The notary must then physically go to Paris Notaire Services where he signs a commitment charter. Through this charter, he undertakes in particular to ensure the connectivity of the node to the blockchain.
I think it's a good way to use distribued register where everybody can check informations without be part of the system, if blockchain is public and be checked.
I will speak about other Legal professions in future post, especially Lawyer ; there are many changing and news tools using more or less Blockchain technology and AI, like a new tool created by Doctrine, The Document Analyzer.
It detects the legal sources cited in a legal document and makes them instantly clickable to view the content. In the context of litigation, the legal reasoning of the opposing party becomes easily accessible and allows instant verification of the applicability and interpretation of the cited sources.
All my posts are linked each other, so if you don't understand everything or you want to learn more about crypto-currencies in France please check the links on Publish0x below :
French Legal Aspects of Cryptocurrencies - Introduction 1/2 ;
The BlockChain, A Method of Issuing Dematerialized Securities 1/2;
French Legal Regulation of Crypto-assets Financing Mechanisms (or DeFi) - Lending and Borrowing;
French Legal Analysis of Crypto-payment – An Usefull Alternative Method of Payment 1/2.