Blockchain’s diversified purposes have gotten extra helpful for international 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 referred to as 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 charges modifications on blockchain by way of its new doc administration product.
Polish Credit score Bureau and Billon have been growing 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 mission was first announced in Might 2018. The businesses revealed information of the platform’s launch in separate announcements on April 16.
In response to a statement by Billon, the principle function of the BIK Blockchain Platform mission is to remove paper-based consumer notifications by digitizing the info and recording it on blockchain to boost safety. In response to the agency, the collectively developed system totally complies with European Union’s monetary records-related rules, 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 inside banking communications, in addition to paper supply, Billon noted.
In response to the BIK, the blockchain know-how used within the platform ensures an elevated stage of safety. Paperwork are distributed throughout plenty of community nodes, with every doc having its personal distinctive tackle. “These options assure excessive resistance to potential failures, in addition to cut back possibilities of undesirable interference of saved paperwork,” the BIK elaborated.
Moreover, the brand new blockchain-powered information system is designed to considerably develop information entry options for each banks and prospects, 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 by way of a blockchain-integrated entry device referred to 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 advanced multi-party processes and develop to different market sectors in Poland.”
Cointelegraph has reached out to each BIK and Billon for added info on the event. We are going to replace this story as quickly as we hear again.
Numerous Polish banks have began experimenting with blockchain know-how for enhancing documentation. In mid-2019, Warsaw-based Alior Financial institution began using the general public Ethereum (ETH) blockchain to authenticate its consumer 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.
