French Notaries Launch their Blockchain

Due to the current technological innovations, some intermediary professions are threatened. This is particularly the case of the French notaries which decides to set up its own blockchain in order to anticipate this phenomenon.

A mandatory transition for notaries?

In a document  commissioned by Paris notaries, the main reason for this major project is formalized in a few words.

‚ÄúBy its organization and the use of very sophisticated cryptography mechanisms, the blockchain makes it possible to certify that a transaction is reliable and certain.¬†It is in particular for this reason that when this technology appeared, many press articles hastened to assert that the blockchain would cause the abolition of the intermediation professions, often citing the profession of notary.¬†“

Ultimately, it is the fear of technology replacing humans as trusted intermediaries that drives the profession to reinvent itself .

Considered as an electronic registration platform, the blockchain will be used for applications carried by the notariat and managed by Paris Notaire Services , guarantor of the infrastructure.

In the short term, the blockchain promises three things:

1-The establishment of registers for the activities of unlisted companies ;
2-Fast transfer of large files ;
3-The traceability of transactions and electronic deposits within Datarooms.

The¬†BCN¬†(¬†blockchain¬†notarial) will also preserve¬†the integrity of documents and transactions¬†, the sequencing of the various operations as well as¬†“the non-alteration of the identities of the actors involved in the operation”¬†.

A centralized blockchain subject to controversy

Despite a laudable interest in this technology , the profession has chosen to rely on a private blockchain , relying on the Hyperledger protocol . It therefore limits its use to certain players and requires a trusted intermediary .

Finally, it is a cyclical initiative whose objective is to reassure a profession with an uncertain future given the technological advances and the wishes of decentralization.

It is only a matter of years before a competing , and surely decentralized, project appears and ensures greater transactional credibility , without having to pay the fees of an intermediary who then became obsolete .

If a wave of decentralization were to hit our organizations, several sectors, in addition to the notarial profession, would be victims of these systemic changes. The difficulty linked to the extensibility of this technology and its adoption still leaves time for new generations to organize and reinvent themselves. In any case, we have to expect that certain professions will disappear, in order to reinvent ourselves better.