Wang Mingliang, director of the Beijing CITIC Notary Office, observed that he thinks that blockchain-based notarization does have the worth of notarization while service the legitimate purpose of blockchain accreditation.
Hu Jiyu, a professor at China University of Political Science and Law School of Business, also states that blockchain has the benefits of low cost, high performance and robustness. The implementation of the new system supposedly permits the certificate owner to validate the document’s particulars by scanning a code.
Blockchain incorporation in the notary sector allegedly prevents document fraud and prevents scammers from exploiting instructional asymmetries. Notwithstanding its strong-handed handling of blockchain legislation, China is keen to embrace technology across sectors. China leads the world in terms of the number of blockchain projects currently taking place, making up for 25% of the world’s total. A further analysis shows China, even with all of its cryptocurrency ban, is among the top blockchain patent registrants.
In Guangzhou, which is et another centre for blockchain laws in China, the country’s first blockchain and AI-powered business license was issued on Monday. Notably, Chinese city Guangzhou awarded a business license utilizing blockchain and AI technology.
The license was awarded at Huangpu District Administrative Center, Guangzhou, supposedly representing China’s first blockchain and AI-powered business license. Earlier in April, Chinese media reported the nation leads the world in terms of the number of ongoing blockchain ventures within its borders. Referring to a Blockdata report, China.org.cn stated that China has 263 blockchain-related ventures, representing 25% of the total across the world.