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Banking records put on blockchain in Poland

May 14, 2018 • Finance, Internet of Things

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Making Blockchain the foundation of your digital transformaBanking records put on blockchain in Polandtion.

The Polish Credit Office (Biuro Informacji Kredytowej – BIK), the largest credit bureau in Central and Eastern Europe, and Billon, the technology company that civilised blockchain, will implement blockchain for storage and secure access to sensitive customer information, a first in the world.

Superior security, integrity and immutability of data are some of the benefits Billon’s blockchain technology will create for the bureau.

The fully-GDPR compliant solution guarantees total visibility, trackable history and full data integrity for any client-facing document including banking records, loan agreements, insurance claims, telephone bills and terms & conditions.

BIK tracks nearly 140 million credit histories of over 1 million businesses and 24 million people.

“Our cooperation with Billon is long-term. We believe that blockchain technology will transform client communications in the financial sector,” said Mariusz Cholewa, President of BIK. “Our solution will soon be expanded to include electronic delivery with active confirmation and remote signing of online agreements. It is also important that the solution meets legal requirements of a durable medium of information, as well as the EU GDPR requirements.”

BIK and Billon developed the solution as a durable medium of information, defined by EU regulations and directives such as MIFID II and IDD directives. The partnership saw eight Polish banks participating in trials, which established that Billon’s scalable blockchain architecture could publish over 150 million documents every month. This would be more than sufficient for even the largest institutions to move to paperless customer service.

The solution has been approved following extensive consultation with the Polish Office of Competition (UOKiK) and Data Protection Regulator (GIODO), making it one of the world’s first Regtech compliant blockchain solutions, and the only one with on-chain data storage and a mechanism enabling “the right to erase personal data”. Currently, the only major alternatives to this are hardware-based archive solutions such as legacy WORM drives. Compared to them, Billon’s solution offers 30% saving in TCO, ensuring minimal upfront costs.

“Our partnership is the start of a true revolution in information management. It is now possible to move away from the constraints of closed central databases to a democratic blockchain-based Internet where every user will be able to control their identity,” explained Andrzej Horoszczak, CEO of Billon. “This solution provides the world’s first GDPR-compliant blockchain platform that streamlines customer service processes and implements customer rights such as the “right to be forgotten”. We’re fixing the problem of consumer data control, creating a level playing field between individuals and corporations. The benefits could affect more than the financial sector, and we anticipate it will soon be adopted by industries such as telecommunications, insurance and utilities. Our cooperation is only the first step to introducing mass blockchain technology use for trusted document management.”

 

Edited by Daniëlle Kruger

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