Poland: First Country in The World to Store Bank Customer Information on Blockchain
Blockchain and technology company Billon and the Polish credit bureau (Biuro Informacji Kredytowej – BIK), the largest credit bureau in Central and Eastern Europe , will jointly implement the blockchain for storage and secure access to highly sensitive customer data.
Billon’s blockchain technology will benefit BIK through superior data security, integrity, and immutability. The fully GDPR compliant solution guarantees complete transparency, traceable history, and complete data integrity for all client documents, including bank records, loan agreements, insurance claims, telephone bills, and terms and conditions.
BIK is owned by the largest banks in Poland , covering 140 million loan cases of over one million companies and 24 million people in Poland. Mariusz Cholewa, President of BIK said
“We believe blockchain technology will change the way the financial sector handles sensitive customer data, and our solution will soon be extended to electronic delivery with active endorsement and remote signing of online agreements that the solution complies with the legal requirements for a permanent information system and the requirements of the EU Data Protection Regulation, which comes into force this month, “
BIK and Billon teamed up at the end of 2017 to develop a solution for a permanent information system. As part of the partnership, eight Polish banks participated in product testing, which found Billon’s scalable blockchain architecture could publish more than 150 million documents each month.
Billon said that it is the first Regtech compliant blockchain solution and the only one with on-chain data storage and a mechanism enabling “the right to erase personal data”. Andrzej Horoszczak, CEO of Billon, said.
“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,”
The jointly developed solution is based on Billon’s distributed ledger, which enables the capture of all events and objects in the form of follow-up blocks. Each block contains a cryptographic reference to the previous block.
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