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Notary Service and Blockchain: Opportunities and Perspectives
Doctor of Legal Sciences, Professor, Head of the Department of Civil Procedure
of the Ural State Law University, Honored Scientist of the Russian Federation
The article considers the development of new technologies in the modern world and their impact on notary service as one of the types of legal professions. The author considers the experience of developing blockade technology and risks for the future profession of a notary in connection with the possible use of this technology on the basis of the discussion that took place in the frame of session of the General Council of the International Union of Notaries in Tbilisi in May 2017. The author describes advantage and disadvantages of blockchain technology; security guarantees for the interacting parties, the principle of the technology and the place of a notary in the chain. The author emphasizes the difference in the terms «technical security» and «legal security», different approaches to the implementation of the registration of rights in different countries and, accordingly, the risk of a complete copying blockchain technology. In the European Union, the applicability of technology is justified by the existence of operating parties from different countries conducting transactions related to objects in the territory of one of the countries or even of a third state. Is this approach applicable in Russia? Certification of transactions with the help of a notarial service in cases where it is able to give subjects more than a mere identification of a transaction will retain its necessity and can be replaced by electronic technologies with a simple certification of transactions and facts.
Keywords: notary service; blockchain; General Council of the International Union of Notaries; smart contract; transaction.
Information about the author
Yarkov V.V. (Yekaterinburg, Russia) – Doctor of Legal Sciences, Professor, Head of the Department of Civil Procedure of the Ural State Law University, Honored Scientist of the Russian Federation (620137, Yekaterinburg, Komsomolskaya St., 21, Room 404; e-mail: firstname.lastname@example.org).
Yarkov V.V. Notariat i blokchejn: vozmozhnosti i perspektivy [Notary Service and Blockchain: Opportunities and Perspectives]. Вестник гражданского процесса = Herald of Civil Procedure, 2018, no. 1, p. 16–21. (In Russian) DOI: 10.24031/2226-0781- 2018-8-1-16-21