PKO Bank Polski launches blockchain document authentication

Poland’s largest bank has partnered with Coinfirm to launch its new blockchain document authentication system.

Poland’s PKO Bank Polski (PKO) is set to roll its new product regulations to five million customers, with each client able to verify the authenticity of the document using blockchain.

The bank has worked with the National Clearing House to implement the new solution called Trudatum, which was developed in partnership with Coinfirm.

Trudatum registers the unique ID of any type of data and stores it in the public blockchain along with Proof of Ownership, Authenticity, and Timestamp. It claims to allow seamless registration and verification of data, without exposing it to be viewed or stored by the platform itself or by unwanted third parties.

Adam Marciniak, vice president of the management board of PKO Bank Polski, said: “Blockchain has great potential to increase the competitiveness of the Polish banking sector. This is a relatively new technology for which further applications are constantly being found all over the world.

“PKO Bank Polski successfully implements a strategy focused on digitization, and the full implementation of the blockchain-based solution is the next step on the path chosen by us, which strengthens our position as a technological leader in Polish banking. We are working on further innovative solutions, and we work with external partners in the work, creating together modern banking in Poland.”

Through the blockchain solution, more than half of PKO Bank Polski’s customers will receive digital correspondence for any changes in the product regulations from European and national Payment Services Directive 2 (PSD2) regulations.

In electronic correspondence from the bank, customers will find, among others, 64-character unique hash identifier of the document and link to the bank’s website, where without logging in, simply after pasting the hash identifier or after uploading the previously downloaded document will receive information whether the document is authentic and the last time it was modified.

Clients will be able to keep access to documents even after the cooperation with the bank has ended and they will be sure that they have not been modified. Documents are stored simultaneously on the PKO Bank Polski and KIR servers, and access to them is possible through the websites of both institutions. KIR is a key entity of the Polish payment system infrastructure, which renders clearing services and provides solutions to the banking and payment sectors.

Copyright © 2018 RegTech Analyst

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