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Other role for notary by blockchain




The application of blockchain will not replace the notarial profession, but will change the role of the notary.

The notarial profession will always have to keep thinking about the legal applicability of blockchain.

That’s the conclusion of the fourth Futurology Forum, an initiative of the Council of Notaries in the European Union (CNUE).

The participants in the forum talked extensively about blockchain in Valencia on January 11. 2018

They concluded that new techniques such as blockchain should not be avoided, but that first the weak points must be improved before blockchain can replace all existing registration systems.

What is Blockchain?

This is described as:

- A technique for encrypting and securing data;

- It is actually a digitally encrypted register, on which transactions are registered, and where online transactions could take place more safely and efficiently.

The digitally encrypted register would be maintained on a network of computers (also called "Distributed ledger technology").

Every transaction would be verified by multiple users, which would make fraud particularly difficult, so the same transaction could not happen several times.

This new technique:

- could allow transactions between parties, in a decentralized network, could take place very quickly.
- would lend itself to many types of transaction: such as for all kinds of contracts and securities.

Not just the banks are currently investigating the use of a blockchain for cheaper and faster international payments; but also outside the financial world, new applications are being investigated – also the European Notarial Department, is discussing the use of this new technology.