Poland will become the first country in the world which will place the banking records on the blockchain. The Polish Credit Office announced that it would store almost 25 million customer credit histories on the blockchain.
The Credit Office declared that to do this, the institution made a partnership with the blockchain solutions company Billion. The Office is the largest institution of its kind from Central and Eastern Europe.
“Billon’s blockchain technology will benefit the bureau through superior security, integrity and immutability of data,” reads the statement.
Besides “security and integrity” with this partnership, the bureau is aiming to put the banking and customer records on the blockchain.
“The fully-GDPR compliant solution guarantees 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,” went on the announcement.
Multiple reports are indicating that the Polish Credit Office is currently owned by a consortium of huge banks, Santander, ING, Citi, Pekao and mBank. The Polish institution declared that the mentioned banks have been working on blockchain trials for a few months now. The banks disclosed that Billion’s blockchain infrastructure could withstand more than 150 million documents per month.
“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,” stated the CEO of Billion, Andrzej Horoszczak.
According to them, this number should be more than enough to make paperless transactions for any institution. The technology has been approved by the Polish Office of Competition and Data Protection, thus becoming the world’s first regulated blockchain solution.
“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.’
Besides this, the Billion blockchain is the only on chain system with a mechanism which has the right to delete personal data. The team explained that they are continually working on the problem of customer data control which can ultimately create level playing field between individuals and corporations. Also, Billion declared that this system could have a substantial positive impact on the financial sector, in telecommunications, insurance, and utilities.
“Our cooperation is only the first step to introducing mass blockchain technology use for trusted document management,” added Andrzej Horoszczak.
In the past weeks, we have seen a lot of banks and governmental institutions conducting trials and transactions on the blockchain. The most recent events are the successful blockchain transaction made by the British bank HSBC in collaboration with ING and the implementation of bitcoin payments by Tax Collector Office from Florida.