Poland's Credit Office launches blockchain solution for credit history records

16 May, 2018
by Conor Maloney
News
Poland's Credit Office launches blockchain solution for credit history records

Central and Eastern Europe's largest Credit Office called BIK has partnered with blockchain provider Billon to launch a blockchain network that will keep an immutable record of user credit histories.

BIK president Mariusz Cholewa said "We believe that blockchain technology will transform how the financial sector communicates sensitive data with clients. 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 the legal requirements of a durable medium of information, as well as the requirements of the EU General Data Protection Regulation [GDPR], which comes into force this month".

BIK tracks over 140 million credit histories of over 1 million businesses and 24 million people in Poland, creating the data for the whole country's credit market. 

Andrzej Horoszczak, founder and CEO of Billon called the move a "revolution in information management", and went on to say that the partnership was "the first step to introducing mass use of blockchain technology for trusted document management."

Horoszczak claims that the new system is the world's first GDRP-compliant blockchain platform, and states that the blockchain streamline customer service processes.

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