Poland-based retail banks have reportedly been authorized to release a blockchain-powered customer data platform, designed by the Polish Credit Bureau.
Specifically, the Polish Credit Bureau – generally referred to as Biuro Informacji Kredytowej (BIK) – has greenlighted retail banks across the country to use its blockchain-based document management solution, as a means of sending out notifications of commissions and fees changes.
The new tool is reportedly a joint project between the BIK and Billion – a Polish-British fintech startup – and has been an ongoing progress ever since it was initiated in May 2 years ago.
Per Billon, the platform was built with a primary goal of entirely cancelling out the involvement of paper-dependent client notifications, via offering data digitization and blockchain-based storage feature, ultimately bring up the security level.
The BIK Blockchain Platform is reportedly in full compliance with the EU’s financial records-focused regulations, including the MiFID II and GDPR.
The Polish Credit Bureau and Billon reportedly hoped that their joint project can function as a safer alternative, compared to the existing documentation management methods, nominally e-mail and internal banking communications, along with physical delivery.
The blockchain featured in the platform will provide a secured distribution network for the documents, via a wide range of network nodes, and individual address granted to each document.
“These features guarantee high resistance to potential failures, as well as reduce chances of undesirable interference of stored documents,” the BIK further explained.