A new revolutionary partnership has been signed between major Polish bank PKO BP and blockchain company Coinfirm. The agreement confirms the creation of a blockchain-based storage and verification system for bank documents.
“Every document recorded in the blockchain (e.g. proof of a transaction, or bank’s terms and conditions for a given product) will be issued in the form of irreversible abbreviation or hash signed with the bank’s private key. This will allow a client to verify remotely if the files he received from a business partner or from the bank are true, or if a modification of the document was attempted,” the Coinfirm team reported.
As TechCrunch reported on March 29, the recent document states that blockchain technology will be implemented in PKO’s bank program through Trudatum, a tool Coinfirm designed. The fintech will help customers to get secure access to documents containing information regarding regulations, transactions, fees, and commissions.
President of Polish fintech company MC2 Solutions, Anna Streżyńska reported that banks’ interest in blockchain has developed due to the fact that existing methods of informing customers do not correspond with the financial market demands anymore because of their lack of security. Emails or website notifications can be susceptible to modification and removal of data.
“The banking sector - supported in this by the Polish Bank Association or the National Clearing House - is therefore looking for technological ways to remedy the problem. And tests various solutions, including Blockchain technology. "
As Adam Marciniak, PKO Bank Vice President, noted, the financial institution started to test Trudatum in 2017. As testing was successful, the bank decided to continue developing the project collaboration and implement a new financial technology.