Luxembourg has launched the first Notary system based on blockchain in Europe.
The Luxembourg Government IT Centre has implemented a Notary system based on blockchain with the aim of demonstrating the benefits of this new technology. The system allows registering any kind of document, ensuring its integrity over time and providing a time stamp for the registration. It is therefore considered an ideal solution for the notarisation of important documents such as audit logs.
This first European Notary system based on blockchain optimises security and collaboration of notarisation processes while reducing costs. There are also other potential applications for this system in other use-cases where the guarantee of immutability of records is required.
The concept and technology have already been presented, in Luxembourg, to the EU Commission, the European Court of Auditors and representatives of seven EU member states. The next planned step is the launch of a Member States Distributed Ledger Technology Network in order to explore and validate cross border use cases.
In order to maximise security and efficiency, a permissioned chain was used that can be operated on Infrachain certified nodes. Infrachain also provides community-driven governance, which is an essential element of any Blockchain.
As a founding member of Infrachain, Telindus, a Proximus Luxembourg brand, is at the core of the design, development and deployment of the blockchain-based Notary system. Frank Roessig, FinTech Lead at Telindus, has commented: “This is only a starting point and we see many opportunities to enhance how notarisation will be done in the future, to the benefit of all stakeholders. We are looking forward to being instrumental for the implementation of new and interoperable notary blockchains for Europe”.
