What’s Going On?
Poland marked a global first this week when it became the first nation to put banking records on the blockchain.
Why Does It Matter?
The Polish Credit Office Biuro Informacji Kredytowej (BIK) has been piloting its blockchain architecture with eight Polish banks since 2017, reported CoinTelegraph. BIK is working with Poland’s Billon Group, which claims the system they have developed with the credit office can publish over 150 million documents per month.
Billon said the partnership with BIK is “the tip of the iceberg” and the company has the potential to bring the same security, privacy and document control to other nations.
Who Else Is Involved?
BIK is owned by Polish banks including PKO Bank Polski, PKO SA, Idea Bank, mBank, ING Bank, BGZ BNP Paribas, and Bank Handlowy and tracks over 140 million credit histories of over a million businesses and 24 million people in Poland, said Billon in an official company announcement.
“Our cooperation with Billon is long-term,”said Mariusz Cholewa, President of BIK. “We believe that blockchain technology will transform how the financial sector communicates sensitive data with clients. Our solution will soon be expanded to include electronic delivery with active confirmation and remote signing of online agreements.”
Andrzej Horoszczak, founder and CEO of Billon, said: “The solution we have created with BIK provides the world’s first GDPR-compliant blockchain platform which can streamline customer service processes and manage the implementation of customer rights such as the ‘right to be forgotten’.”