Billion Digital, the technology company that civilized blockchain, has partnered with Polish Credit Office (Biuro Informacji Kredytowej – BIK), the largest credit bureau in Central and Eastern Europe, for implementing blockchain for storage and secure access to sensitive customer information.
The partnership with BIK will utilize Billon’s ledger technology to safely store and access sensitive consumer data with the aim to provide a fully transparent and trackable method for accessing documents.
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.
BIK is Eastern Europe’s largest credit bureau founded by some of the largest banks in the region such as Bank Pekao, Santander, Bank Polski, Citi handlowy, ING Bank and Bank Millenium S.A, tracks nearly 140 million credit histories of over 1 million businesses and 24 million people.
“Our cooperation with Billon is long-term. We believe that blockchain technology will transform client communications in the financial sector. 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,” said Mariusz Cholewa, President of BIK.
The partnership has been approved following extensive consultations with the Polish Office of Competition (UOKiK) and Data Protection Regulator (GIODO), making it one of the world’s first Regtech compliant blockchain solutions.
The partnership saw eight Polish banks participating in trials, 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.