Blockchain Enters Poland’s Financial Market, Namely the Credit Office

Blockchain technology behind cryptocurrencies such as bitcoin has been a topic of great interest for many financial institutions. Billion and the Polish Credit Office (Biuro Informacji Kredytowej – BIK) have decided to apply the new financial technology to storing data.

Mariusz Cholewa, president of BIK, claims:

“Our cooperation with Billion 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.”

The largest credit bureau in CEE is going to implement Billion blockchain technology in order to store customer personal information, Billion Group reported. The agreement makes Poland the first country in the world handling banking records on the blockchain.

The GDPR-compliant solution can process up to 150 million papers each month. The Polish Credit Office belongs to different banks operating in Poland. The bureau deals with 140 million credit histories of over one million businesses and 24 million people.