Poland has become the first country in the world to implement blockchain technology as a storage and access medium for banking records. Blockchain technology company Billon and the Polish Credit Office will implement blockchain for storage and secure access to sensitive customer information. The blockchain is fully GDPR compliant, guaranteeing 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.
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The Polish Credit Office is owned by major banks including Pekao, ING, mBank, Santander and Citi. The company tracks about 140 million credit histories of over 1 million businesses and 24 million people. The president, Mariusz Cholewa was quoted as saying,
“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,”
Billon and the credit office collaborated to develop the solution and defined it by EU regulations. The partnership also tested the blockchain with eight Polish banks – establishing that Billon’s technology could publish over 150 million documents monthly.
The CEO of Billion, Andrzej Horoszczak 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””
Billon is hoping to adopt its solution for other non-financial sectors such as telecommunications and utilities. This is, however, the first time its blockchain technology is being used in document management at a large scale.
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By accepting this plan, the Polish government has set itself up as a progressive government, willing to adopt new technology for the good of its people. Other governments around the world have also expressed interests in using blockchain technology to track financial and other records.