Poland is set to become the world’s first country to put banking records on the blockchain, the Polish Credit Office implementing Billon’s technology.
Billon, the technology company that claims to have civilised blockchain, and the Polish Credit Office (BIK), the largest credit bureau in Central and Eastern Europe, will implement blockchain for storage and secure access to sensitive customer information.
The company said its blockchain technology will benefit the bureau through ‘superior security, integrity and immutability of data’. Its fully-GDPR compliant solution provides 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, owned by the largest banks in Poland including Pekao, ING, mBank, Santander and Citi, 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. 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,” said Mariusz Cholewa, president of BIK.
Together they have developed the solution for 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.
Their solution has been approved following extensive consultation with the Polish Office of Competition (UOKiK) and Data Protection Regulator (GIODO), making it a RegTech compliant blockchain solutions. It claims to be the only one with on-chain data storage and a mechanism enabling ‘the right to erase personal data’.
“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.”
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
