Polish Banks to Go Paperless Using Billon’s Distributed Ledger Technology

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Retail banks in Poland started offering clients with notifications of commissions and costs modifications on the blockchain through a brand new doc administration product provided by the Polish Credit score Bureau (BIK, or Biuro Informacji Kredytowej in Polish). BIK is utilizing the Blockchain Platform powered by distributed ledger technology (DLT), provided by the British-Polish fintech Billon Group.

“This launch marks step one of commercialisation of the BIK Blockchain Platform. This model eliminates the necessity for paper notifications. Additional variations will give attention to streamlining advanced multi-party processes and develop to different market sectors in Poland,” mentioned BIK CEO Mariusz Cholewa.

“Managing paperwork on DLT is a a lot safer and cheaper answer than utilizing paper,” mentioned Wojtek Kostrzewa, CEO of Billon Group. “It’s gratifying to see banks as progressive establishments benefiting from the regulatory compliant ‘civilised blockchain’ options Billon developed particularly for regulated industries like these.”

Billon Expertise is predicated on a brand new kind of structure storing full paperwork totally within the blockchain. The goal is to eradicate paper-based client-facing notifications in addition to to completely adjust to MiFID II, GDPR and associated rules requiring a sturdy medium for such notifications.

The information comes amidst the rising concern that conventional documentation and supply strategies – together with e-mail, inner banking communications and paper supply – fall in need of right this moment’s elevated want for safety and authentication. Beneath the brand new method, banks’ encrypted notification and authorized agreements with purchasers shall be saved on a distributed ledger, accessible through a portal managed by the credit score bureau, in order that clients can depend on having genuine and immutable documentation that the financial institution can not change and which is on the market even when they’re now not purchasers of the financial institution.

• The BIK Blockchain Platform assigns a singular deal with to each doc and distributes the information to many community nodes in a method that gives extraordinarily excessive database resilience and particular person doc tamper resistance.
• The platform uniquely shops complete paperwork throughout the distributed ledger, together with logic and signature. This eliminates the necessity to keep costly and weak further server storage, which is widespread for different types of blockchain.
• The BIK platform could be deployed in sectors exterior the banking business, together with storing authorized agreements, insurance coverage claims or different high-value paperwork.

BIK began development using Billon’s DLT system in May 2018 and field-tested the system in a pilot with a gaggle of 5 banks. BIK maintains data for over 25 million Poles and dozens of Polish banks.

Study extra about Billon’s Trusted Doc Administration answer here.

BIK (Biuro Informacji Kredytowej S.A.) collects and offers information on the credit score historical past of financial institution purchasers, credit score unions, and so on. from your entire credit score market in Poland. BIK has the most important information assortment on particular person purchasers and entrepreneurs, together with data on 147 million accounts belonging to 25 million people and a credit score historical past of a complete of 1.four million corporations, farmers and different entities, together with 845 thousand micro-entrepreneurs. Particular person purchasers can monitor their credit score historical past via the net portal www.bik.pl. BIK Alerts service fulfills a social function and protects people towards credit score extortions or delays in compensation.

Billon unleashed the potential of blockchain by creating environment friendly and scalable distributed ledger know-how (DLT) for enterprise. Billon has developed the preliminary assumptions of blockchain know-how, constructing a protocol that’s extraordinarily quick, absolutely safe and prepared for use in accordance with current rules. We used it at first to avoid wasting nationwide currencies and micropayments, however we expanded our imaginative and prescient to avoid wasting paperwork and information and identification administration in a blockchain construction. Because of this, Billon has a singular alternative to offer measurable enterprise advantages to banks, corporations and odd customers in a regulated surroundings.

Billon was based in Nice Britain in December 2015 on the idea of an earlier analysis mission created in Poland. Its improvement has been supported by quite a few R&D grants, together with these from the EU Horizon 2020 framework program. At this time, its places of work in London and Warsaw make use of a global group of over 80 folks. The corporate has a license of an digital cash writer in Nice Britain and Poland.

Billon works to implement its know-how commercially with main enterprise companions, equivalent to FIS within the US and BIK (the Polish credit score workplace) in Poland. In November 2018, the corporate gained the World FinTech Hackcelerator on the Singapore FinTech Pageant, showcasing an answer to zero-cost blockchain micropayments. On October 17, 2019 Billon gained the Elevator Lab accelerator, qualifying to the partnership programme by Raiffeisen Financial institution Worldwide to work on e-money transactions with digitised euro on DLT.

For extra data, go to www.billongroup.com.

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