Country for PR: United Kingdom
Contributor: PR Newswire Europe
Monday, May 14 2018 - 09:01
AsiaNet
Poland Becomes World's First to Put Banking Records on the Blockchain
LONDON, May 14, 2018 /PRNewswire-AsiaNet/ --

 
    - Polish Credit Office, the largest credit bureau in CEE, commits to 
      implementing Billon blockchain for storage and secure access to 
      sensitive customer information 
    - Credit Office tracks credit histories for 1 million businesses and 24 
      million people across Poland 
    - New GDPR-compliant solution capable of scaling to over 150 million 
      documents monthly 

    Billon, the technology company that civilised blockchain, and the Polish 
Credit Office (Biuro Informacji Kredytowej - BIK), the largest credit bureau in 
Central and Eastern Europe, will implement blockchain for storage and secure 
access to sensitive customer information. Billon's blockchain technology will 
benefit the bureau through superior security, integrity and immutability of 
data. 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.

         (Logo: https://mma.prnewswire.com/media/690516/Billon_Logo.jpg )

    BIK, owned by the largest banks in Poland [https://en.bik.pl/about-us ] 
including Pekao, ING, mBank, Santander and Citi, tracks nearly 140 million 
credit histories of over 1 million businesses and 24 million people. "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," said Mariusz Cholewa, President of BIK.

    BIK and Billon developed the solution for durable medium of information, 
defined by EU regulations and directives such as MIFID II and IDD directives. 
The partnership saw eight Polish banks participating in trials, which 
established that Billon's scalable blockchain architecture could publish over 
150 million documents every month. This would be more than sufficient for even 
the largest institutions to move to paperless customer service.

    The solution has been approved following extensive consultation with the 
Polish Office of Competition (UOKiK) and Data Protection Regulator (GIODO), 
making it one of the world's first Regtech compliant blockchain solutions, and 
the only one with on-chain data storage and a mechanism enabling "the right to 
erase personal data". Currently, the only major alternatives to this are 
hardware-based archive solutions such as legacy WORM drives. Compared to them, 
Billon's solution offers 30% saving in TCO, ensuring minimal upfront
costs.

    "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," explained Andrzej Horoszczak, CEO of 
Billon. "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". We're fixing the problem of 
consumer data control, creating a level playing field between individuals and 
corporations. The benefits could affect more than the financial sector, and we 
anticipate it will soon be adopted by industries such as telecommunications, 
insurance and utilities. Our cooperation is only the first step to introducing 
mass blockchain technology use for trusted document management."

    About BIK: [https://en.bik.pl/about-us ]

    About Billon: [http://www.billongroup.com ]

    Billon has created a versatile distributed ledger technology, enabling a 
new digital way to exchange money and data simultaneously without issuing 
cryptocurrencies. The revolutionary next-generation blockchain architecture 
relies on national currencies and stores virtually unlimited data in a secure 
network. This integrated system system of data, money and identity processing 
builds transformational solutions and business-ready products meeting all the 
money and data management needs, from loyalty programs, through nanopayments, 
to a document repository:  http://www.billondigital.com

https://press.billongroup.com/31285-poland-becomes-world-s-first-to-put-banking-records-on-the-blockchain



Source: Billon Group
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