Blockchain’s different purposes have gotten extra helpful for world banking establishments with every passing day. Yesterday, Polish retail banks
Blockchain’s different purposes have gotten extra helpful for world banking establishments with every passing day. Yesterday, Polish retail banks rolled out a blockchain-based buyer information platform developed by the Polish Credit score Bureau, also called Biuro Informacji Kredytowej, or BIK.
BIK, the largest credit score bureau in Central and Jap Europe, has enabled banks in Poland to ship notifications of commissions and costs adjustments on blockchain through its new doc administration product.
Polish Credit score Bureau and Billon had been creating the platform since 2018
Developed in collaboration with Polish-British fintech agency, Billon, the BIK Blockchain Platform has been in growth for the reason that undertaking was first introduced in Might 2018. The businesses revealed information of the platform’s launch in separate bulletins on April 16.
In response to an announcement by Billon, the primary function of the BIK Blockchain Platform undertaking is to get rid of paper-based shopper notifications by digitizing the information and recording it on blockchain to reinforce safety. In response to the agency, the collectively developed system totally complies with European Union’s monetary records-related laws, together with the European Union’s MiFID II and GDPR.
Enhancing information safety and entry options
By launching the platform, the Polish Credit score Bureau and Billon intend to supply a safer various to conventional documentation administration instruments like e-mail and inner banking communications, in addition to paper supply, Billon famous.
In response to the BIK, the blockchain expertise used within the platform ensures an elevated stage of safety. Paperwork are distributed throughout quite a lot of community nodes, with every doc having its personal distinctive deal with. “These options assure excessive resistance to potential failures, in addition to scale back probabilities of undesirable interference of saved paperwork,” the BIK elaborated.
Moreover, the brand new blockchain-powered information system is designed to considerably increase information entry options for each banks and clients, the BIK continued. In response to the bureau, the platform permits customers to entry all doc historical past with the financial institution. That is achieved through a blockchain-integrated entry software known as the BIK Portal.
BIK CEO, Mariusz Cholewa, highlighted that the launch of the BIK Blockchain Platform marks step one of the product’s commercialization. He continued:
“This model eliminates the necessity for paper notifications. Additional variations will concentrate on streamlining complicated multi-party processes and increase to different market sectors in Poland.”
Cointelegraph has reached out to each BIK and Billon for added data on the event. We’ll replace this story as quickly as we hear again.
A variety of Polish banks have began experimenting with blockchain expertise for enhancing documentation. In mid-2019, Warsaw-based Alior Financial institution started using the general public Ethereum (ETH) blockchain to authenticate its shopper paperwork. Beforehand, one other main Polish financial institution, PKO Financial institution Polski, partnered with blockchain firm, Coinfirm, to launch a blockchain-based verification system for financial institution paperwork.