Home Blockchain Polish Banks to Go Paperless Utilizing Billon’s Distributed Ledger Know-how

Polish Banks to Go Paperless Utilizing Billon’s Distributed Ledger Know-how

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Retail banks in Poland started offering clients with notifications of commissions and charges adjustments on the blockchain through a brand new doc administration product supplied by the Polish Credit score Bureau (BIK, or Biuro Informacji Kredytowej in Polish). BIK is utilizing the Blockchain Platform powered by distributed ledger expertise (DLT), offered by the British-Polish fintech Billon Group.

“This launch marks step one of commercialisation of the BIK Blockchain Platform. This model eliminates the necessity for paper notifications. Additional variations will deal with streamlining complicated multi-party processes and broaden to different market sectors in Poland,” mentioned BIK CEO Mariusz Cholewa.

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“Managing paperwork on DLT is a a lot safer and cheaper answer than utilizing paper,” mentioned Wojtek Kostrzewa, CEO of Billon Group. “It’s gratifying to see banks as progressive establishments benefiting from the regulatory compliant ‘civilised blockchain’ options Billon developed particularly for regulated industries like these.”

Billon Know-how relies on a brand new kind of structure storing full paperwork fully within the blockchain. The intention is to remove paper-based client-facing notifications in addition to to completely adjust to MiFID II, GDPR and associated rules requiring a sturdy medium for such notifications.

The information comes amidst the rising concern that conventional documentation and supply strategies – together with e-mail, inner banking communications and paper supply – fall in need of at the moment’s elevated want for safety and authentication. Underneath the brand new strategy, banks’ encrypted notification and authorized agreements with purchasers shall be saved on a distributed ledger, accessible through a portal managed by the credit score bureau, in order that clients can depend on having genuine and immutable documentation that the financial institution can’t change and which is on the market even when they’re not purchasers of the financial institution.

  • The BIK Blockchain Platform assigns a singular handle to each doc and distributes the information to many community nodes in a manner that gives extraordinarily excessive database resilience and particular person doc tamper resistance.
  • The platform uniquely shops entire paperwork throughout the distributed ledger, together with logic and signature. This eliminates the necessity to keep costly and susceptible further server storage, which is frequent for different types of blockchain.
  • The BIK platform could be deployed in sectors outdoors the banking trade, together with storing authorized agreements, insurance coverage claims or different high-value paperwork.

BIK started improvement utilizing Billon’s DLT system in Could 2018 and field-tested the system in a pilot with a bunch of 5 banks. BIK maintains data for over 25 million Poles and dozens of Polish banks.

 

Be taught extra about Billon’s Trusted Doc Administration answer right here.

BIK (Biuro Informacji Kredytowej S.A.) collects and supplies information on the credit score historical past of financial institution purchasers, credit score unions, and so on. from your complete credit score market in Poland. BIK has the biggest information assortment on particular person purchasers and entrepreneurs, together with info on 147 million accounts belonging to 25 million people and a credit score historical past of a complete of 1.four million firms, farmers and different entities, together with 845 thousand micro-entrepreneurs. Particular person purchasers can monitor their credit score historical past by means of the net portal www.bik.pl. BIK Alerts service fulfills a social function and protects people towards credit score extortions or delays in compensation.

Billon unleashed the potential of blockchain by creating environment friendly and scalable distributed ledger expertise (DLT) for enterprise. Billon has developed the preliminary assumptions of blockchain expertise, constructing a protocol that’s extraordinarily quick, totally safe and prepared for use in accordance with present rules. We used it at the start to save lots of nationwide currencies and micropayments, however we expanded our imaginative and prescient to save lots of paperwork and information and identification administration in a blockchain construction. Because of this, Billon has a singular alternative to supply measurable enterprise advantages to banks, firms and bizarre customers in a regulated setting.

Billon was based in Nice Britain in December 2015 on the idea of an earlier analysis challenge created in Poland. Its improvement has been supported by quite a few R&D grants, together with these from the EU Horizon 2020 framework program. Right this moment, its places of work in London and Warsaw make use of a world crew of over 80 folks. The corporate has a license of an digital cash writer in Nice Britain and Poland.

Billon works to implement its expertise commercially with main enterprise companions, similar to FIS within the US and BIK (the Polish credit score workplace) in Poland. In November 2018, the corporate gained the International FinTech Hackcelerator on the Singapore FinTech Pageant, showcasing an answer to zero-cost blockchain micropayments. On October 17, 2019 Billon gained the Elevator Lab accelerator, qualifying to the partnership programme by Raiffeisen Financial institution Worldwide to work on e-money transactions with digitised euro on DLT.

For extra info, go to www.billongroup.com.

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