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Poland Banks Go Paperless with Blockchain Data Tool

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Blockchain’s diverse functions have constantly spurred banking establishments into new adoptions in the past few years. Yesterday, Polish retail banks rolled out a blockchain-based buyer information platform developed by the Polish Credit score Bureau, often known as Biuro Informacji Kredytowej, or BIK.

The blockchain-integrated access tool is known as the BIK Portal. BIK has enabled banks in Poland to ship notifications of commissions and charges adjustments on blockchain through the new doc administration product.

The blockchain technology used in the platform ensures an increased level of security. Documents are distributed across a number of network nodes, with each document having its own unique address.

“This launch marks step one of commercialisation of the BIK Blockchain Platform. This model eliminates the necessity for paper notifications. Additional variations will deal with streamlining complicated multi-party processes and broaden to different market sectors in Poland”
– BIK CEO Mariusz Cholewa.

According to BIK, the new blockchain-powered data system is designed to significantly expand data access features for both banks and customers. The platform allows users to access all document history with the bank.

Many Polish banks have begun experimenting with blockchain to enhance documentation. In mid-2019, Warsaw-based Alior Financial institution started using the general public Ethereum (ETH) blockchain to authenticate its shopper paperwork. Prior to that, PKO Financial institution Polski partnered with blockchain firm, Coinfirm, to launch a blockchain-based verification system for financial institution paperwork.

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