The Polish Credit Office BIK, the biggest credit score place of business in Central and Eastern Europe, in partnership with Distributed Ledger Technology (DLT) supplier Billon, will implement a blockchain generation answer for garage and protected get admission to to extremely delicate buyer knowledge.
“Our cooperation with Billon is long-term,” mentioned Mariusz Cholewa, president of BIK. “We believe that blockchain technology will transform how the financial sector communicates sensitive data with clients. 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 the legal requirements of a durable medium of information, as well as the requirements of the EU General Data Protection Regulation [GDPR], which comes into force this month.”
BIK, which is owned by way of home and international banks in Poland, together with the main banks, tracks over 140 million credit score histories of over 1 million companies and 24 million folks in Poland, offering knowledge at the credit score historical past of financial institution shoppers, credit score unions, and so forth. from all of the credit score marketplace within the nation.
“Our partnership is a start of a true revolution in information management,” mentioned Andrzej Horoszczak, founder and CEO of Billon. “It is our firm belief that the cooperation between Billon and BIK is the first step to introducing mass use of blockchain technology for trusted document management.”
According to Horoszczak, the answer that Billon has created with BIK supplies the arena’s first GDPR-compliant blockchain platform which is able to streamline customer support processes and arrange the implementation of shopper rights such because the “right to be forgotten.”
Founded in 2012, Billon is an FCA registered eMoney establishment with places of work within the U.Ok., U.S. and Poland. According to the corporate, Billon’s DLT answer, self-described because the “document blockchain” and constructed on a proprietary blockchain construction that doesn’t require use of central databases, lets in the protected, handy and cost-effective garage, and sending of paperwork with out working a chance of unauthorized get admission to, tampering with the content material or knowledge loss.
“This solution returns control of user data back to consumers, creating a level playing field between individuals and big corporations,” added Horoszczak. “The benefits of this solution can have an impact beyond the financial sector, and we anticipate that it will soon be adopted by institutions across industries such as telecommunications, insurance and utilities.”
The DLT answer used for the BIK challenge will stay each and every file in out there, long-term garage, impartial of the standing of the contractual dating standing between the provider supplier and the person. Patents had been filed and, in accordance to Billon, the generation is in a position to be applied at efficiency ranges that rival conventional centralized databases.
“Over the years, BIK has amassed over 140 million credit score histories move other sectors that may have the benefit of awesome safety, integrity, and immutability,” Horoszczak defined to Bitcoin Magazine.
“This revolution will also change the paradigm in the financial and insurance world — now consumers will command the visibility and integrity of their insurance claims, bank and loan documents all through to retirement plans using our blockchain technology. With Billon, you will also be able to clearly see when and what changes have been made to documents, giving consumers the capability to challenge and provide counter terms if required; all tracked on the blockchain.”