Technology company Billon and Polish Credit Office (Biuro Informacji Kredytowej – BIK) have decided to collaborate to implement blockchain technology to store and secure access to sensitive banking information and other sensitive data.
The implementation of Billon’s fully-GDPR compliant solution is expected to provide better security and integrity of the data.
It also offers traceable history, data integrity as well as visibility for several financial documents such as banking records, loan agreements, insurance claims, telephone bills and others.
Owned by the prominent banks of Poland, BIK tracks around 140 million credit histories of more than one million businesses and 24 million people.
BIK president Mariusz Cholewa said: “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.”
The new solution has completed a trial period, which was participated by eight Polish banks.
It found that the Billon’s scalable blockchain architecture can publish more than 150 million documents every month, sufficient to help all the institutions to move to paperless customer service.
Defined by EU regulations and other directives, the solution has already been approved after consulting with the Polish Office of Competition (UOKiK) and Data Protection Regulator (GIODO).