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IBM Blockchain Network to Aid NCC Simplify Registry Dealings

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International Business Machines Corporation (IBM - Free Report) devised a blockchain network, which was recently deployed by French National Council of Clerks (“NCC”) of Commercial Courts.

The blockchain network is aimed at enabling NCC to accelerate management processes of legal economic transactions involving corporate and commercial registry. In fact, under experimental trial process, NCC could reduce the time to update registry for a few complex cases to one single day compared with several days required previously.

Notably, the first tests “involving four court clerks and IT providers” were successful. This compelled NCC to deploy blockchain network in commercial courts based out of France, as early as first half of 2019.

IBM’s blockchain solutions will be utilized to record, share, manage and update local registries data in secure, transparent, efficient and coordinated manner.

Overall, the blockchain network is aimed at improving efficiency of the Clerks in service in commercial courts via improved court clerks' interactions and enhanced visibility of updates pertaining to legal changes.

IBM’s blockchain network is also expected to fortify the presence of French Commercial and Corporate Registry across the European Union.

Notable Benefits of Blockchain

Blockchain is much faster than legacy technologies in completing a transaction as there is no need for manual processing or authentication by intermediaries.

The secured storage and transmission of data through a decentralized database is the most attractive feature of the blockchain technology. Originally utilized for cryptocurrency transactions, the system is transparent and incorruptible, and meant to provide unaltered information.

Since blockchain utilizes a distributed consensus, tampering with its records without being noticed by an entire network is difficult. This makes the system extremely secure. With minimum chances of double counting and hacking, the possibility of monetary losses is also low.

In fact, per Orbisresearch.com data as revealed by Reuters, blockchain technology is anticipated to be used by 65% of enterprises by 2020. Given its market presence and growing collaborations, IBM is well positioned to reap the benefits compared with other key players in this domain like Microsoft (MSFT - Free Report) , Accenture, to mention a few.

IBM’s Strengthening Foothold in Blockchain

IBM is steadily gaining ground in blockchain technology. Driven by multi-industrial adoption, IBM’s blockchain technology has rapidly gained traction over the last few years.

Notably, IBM has been an early adopter of the blockchain technology. Moreover, IBM uses Hyperledger technology for blockchain applications and is also a key member of the Hyperledger committee. This enables the company to gain prior notification of any changes in the underlying infrastructure, which is the main reason behind its increasing deal wins.

The Hyperledger Fabric framework will facilitate the free flow of data among the clerks, which consequently aids them inoffering enhanced services to companies.

To quote, Vincent Fournier, Senior Manager Blockchain, IBM France, “This initiative is a first in the Justice sector in France and is a perfect example of blockchain's role in helping regulated professions as they transform.”

IBM’s initiatives to aid its clientele in delivering services in real time, by utilizing blockchain technology bodes well. In fact, blockchain technology market is projected to reach $23.3 billion by 2023 from estimated $1.2 billion in 2018 at a CAGR of 80.2%, per data from MarketsandMarkets.

Bottom Line

IBM has been a pioneer when it comes to helping businesses digitally transform and evolve. The tech giant continues to bring innovation to its services to help the enterprises leverage the emerging technologies, including the likes of cloud, artificial intelligence (AI), Internet of Things (IoT), among others.

IBM’s advanced AI, IoT, blockchain, cloud, machine learning (ML) capabilities, among others makes its offerings well poised to gain robust adoption. The traction witnessed by the company’s blockchain offerings is expected to bolster its top line.


Zacks Rank & Key Picks

IBM carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the broader technology sector are Synopsys, Inc. (SNPS - Free Report) and Symantec Corporation , both sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Long-term earnings growth rate for Synopsys and Symantec is projected at 10% and 7.9%, respectively.

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