IBM to legally register a company in 3 hours on the blockchain

posted 11 months ago
IBM and other partners are to legally register a company, from start to finish, in record time: 3 hours (instead of 4-6 weeks) using digitized workflows and smart contracts.

Showcased today during the DigitalSwitzerland challenge, taking place in Zurich, where for the first time a start-up is to be legally entered into the companies registry.

The current application is a simple smart contract, focused mainly on whether the conditions have been met to register a business, but the idea is to incorporate far more complex aspects, such as share restrictions, partnership agreements, powers of attorney.

“Without any legislative change, traditional paper-driven highly iterative processes can be transferred to the blockchain securely and effectively, increasing efficiency and dramatically lowering costs,” says Antoine Verdon, cofounder of Proxeus.
Tags: blockchain, news