Polish Credit Office To Store Customer Records On The Blockchainbr>
The Polish Credit Office (BIK), the largest credit bureau in Central and Eastern Europe, has teamed with blockchain startup Billon to implement blockchain technology for storage and secure access to sensitive customer information.
Founded in 1997, BIK is owned by the largest banks in Poland, including Pekao, ING, mBank, Santander and Citi. It provides credit information services on borrowers in Poland and the European Union. The company serves banks, factoring companies, leasing companies, non-banking loan providers, consumers, and co-operative saving and credit unions. It claims to track nearly 140 million credit histories of over one million businesses and 24 million people.
Billon’s blockchain platform enables a new digital way to exchange money and data simultaneously without issuing cryptocurrencies. It relies on national currencies and stores virtually unlimited data in a secure network.
The two companies developed a blockchain solution that 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 and conditions. The partnership saw eight Polish banks participating in trials, which established that the blockchain solution could publish over 150 million documents every month.
The solution has been approved following extensive consultation with the Polish Office of Competition (UOKiK) and Data Protection Regulator (GIODO). Billon claims that it is the first RegTech compliant blockchain solutions, and the only one with on-chain data storage and a mechanism enabling “the right to erase personal data.”
“Our cooperation with Billon is long-term. We believe that blockchain technology will transform client communications in the financial sector,” said Mariusz Cholewa, President of BIK. “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.”
Andrzej Horoszczak, CEO of Billon, said that this partnership is the start of a true revolution in information management. He said 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.
“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,” said Horoszczak. “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.”