The Polish Credit Bureau (Biuro Informacji Kredytowej, BIK) and Billon have developed a blockage platform that will make it easier for retail banks to manage document flow.
The BIK Blockchain Platform was developed in May 2018. The main goal of the project is that with the help of the Blockchain banks can promptly send notices to their clients, as internal bank communications and sending paper correspondence are time-consuming. And using the BIK Portal tool, users will be able to access the history of bank documents.
According to BIK and Billon, the blockage platform will become a more secure alternative to traditional document management tools. Data will be distributed through network nodes, and each document will have its own unique address. Storage of data in the blockchain will prevent its possible loss, and only trusted persons will have access to it. BIK and Billon have announced that the system will be fully compliant with European requirements for financial documentation, in particular the European Union's Markets in Financial Instruments Directive (MiFID II) and the General Regulation on Data Protection (GDPR).
"The current version of the platform will eliminate the need to send paper documentation, which will reduce time and postage costs. In the future, we plan to optimize processes involving several parties with the help of the Blockchain and then enter other sectors of the market in Poland", — said BIK CEO Mariusz Cholewa.
Blockchain is widely used for document management automation. For example, last month ConsenSys and audit firm Ernst&Young started developing a protocol on the Etherium blockchain to synchronize corporate client data. In February, large telecom operators announced that they were testing a blockchain to manage roaming discounts agreements.
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