Polish tech firm Billion is partnering with the nation’s Credit Office to use blockchain to store the credit histories of some 24 million people and more than 1 million businesses, according to an announcement on Monday.
The Polish Credit Office is the largest in Central and Eastern Eope, and the partnership will make Poland the first country to put the banking and other records of its population on the blockchain, the announcement touted.
“Billon’s blockchain technology will benefit the bureau through superior security, integrity and immutability of data,” the announcement stated. “The fully-GDPR compliant solution 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.”
According to the announcement, the Polish Credit Office is owned by the country’s largest banks, including Pekao, ING, mBank, Santander and Citi.
Before the partnership was announced, those banks and several others participated in a trial, which established that Billon’s scalable blockchain architecture could publish over 150 million documents every month. This would be more than sufficient for even the largest institutions to move to paperless customer service, the announcement promised.
The solution was approved following extensive consultation with the Polish Office of Competition and Data Protection Regulator, making it one of the world’s first Regtech compliant blockchain solutions, and the only one with on-chain data storage and a mechanism enabling “the right to erase personal data,” Billions added.
“Our partnership is the start of a true revolution in information management. 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,” stated Billion CEO Andrzej Horoszczak. “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. Our cooperation is only the first step to introducing mass blockchain technology use for trusted document management.”
- Stratis Announces New Blockchain Identity App - July 23, 2018
- SophiaTX and ArkTree Partner to Promote Blockchain in South Africa - July 19, 2018
- Embleema Announces Healthcare Blockchain - July 18, 2018
- Quants, Blockchain & Bots: Gimmer Launches Automated Crypto Platform - July 13, 2018
- Swiss Stock Exchange Building Infrastructure for Digital Assets - July 12, 2018
- HBUS Launches Virtual Currency Platform Open to U.S. Users - July 10, 2018
- Archax Announces Platform that will Cater to Traditional and Crypto Investors - June 29, 2018
- Arsenal FC’s Crypto Partner, CashBet Raises $38 Million - June 22, 2018
- BOX Digital and tZERO Partner for SEC-Regulated Crypto Exchange - June 20, 2018
- Leading Argentine Credit Issuer Naranja Partners with Ripio - June 15, 2018
- Can This Korean Company Trump a President and Launch Peninsula-Wide Satellite Services? - June 14, 2018
- Quebec Moves to Restrict Crypto Mining - June 8, 2018
- Sagewise Using Hashgraph Blockchain to Underpin Smart Contract Resolution - June 7, 2018
- ALTR Releases Blockchain-Based Security Software - June 6, 2018
- Blockchain Startup Paxos Pivots to a $65 Million Raise - June 5, 2018
- Game Changer? Gaming Veterans Join Forces to Create Ultra Platform - June 1, 2018
- Harvard’s Experfy Launches ICO for Blockchain Education Platform - May 31, 2018
- Am-Ex Brings Blockchain to Membership Rewards - May 29, 2018
- Leading SV Funds Back User-Friendly Digital Assets Platform Tari - May 24, 2018
- æternity Launch Blockchain Incubator and Investment Network - May 23, 2018