The Polish Credit history Office BIK, the greatest credit score office in Central and Eastern Europe, in partnership with Dispersed Ledger Technological know-how (DLT) company Billon, will carry out a blockchain technologies solution for storage and secure accessibility to really delicate shopper info.
“Our cooperation with Billon is extended-term,” explained Mariusz Cholewa, president of BIK. “We believe that that blockchain technologies will transform how the economical sector communicates delicate knowledge with shoppers. Our solution will before long be expanded to involve digital shipping and delivery with energetic affirmation and distant signing of on the net agreements. It is also crucial that the solution fulfills the authorized demands of a resilient medium of info, as perfectly as the demands of the EU Basic Details Defense Regulation [GDPR], which will come into force this month.”
BIK, which is owned by domestic and international banks in Poland, which includes the main banks, tracks over 140 million credit score histories of over 1 million businesses and 24 million individuals in Poland, supplying knowledge on the credit score history of lender shoppers, credit score unions, and so on. from the overall credit score sector in the region.
“Our partnership is a start off of a legitimate revolution in info management,” explained Andrzej Horoszczak, founder and CEO of Billon. “It is our organization perception that the cooperation concerning Billon and BIK is the to start with phase to introducing mass use of blockchain technologies for trustworthy doc management.”
According to Horoszczak, the solution that Billon has developed with BIK supplies the world’s to start with GDPR-compliant blockchain system which can streamline shopper service procedures and regulate the implementation of shopper rights this kind of as the “right to be forgotten.”
Launched in 2012, Billon is an FCA registered eMoney institution with places of work in the U.K., U.S. and Poland. According to the company, Billon’s DLT solution, self-described as the “document blockchain” and crafted on a proprietary blockchain structure that does not need use of central databases, lets the safe, easy and value-powerful storage, and sending of paperwork with out running a chance of unauthorized accessibility, tampering with the articles or info reduction.
“This solution returns control of user knowledge back again to buyers, developing a stage playing field concerning folks and big organizations,” extra Horoszczak. “The gains of this solution can have an effects outside of the economical sector, and we foresee that it will before long be adopted by establishments across industries this kind of as telecommunications, coverage and utilities.”
The DLT solution utilized for the BIK task will continue to keep every single doc in obtainable, extended-term storage, independent of the status of the contractual connection status concerning the service company and the user. Patents have been submitted and, according to Billon, the technologies is all set to be applied at functionality ranges that rival classic centralized databases.
“More than the a long time, BIK has gathered over 140 million credit score histories cross distinct sectors that will advantage from superior security, integrity, and immutability,” Horoszczak explained to Bitcoin Journal.
“This revolution will also alter the paradigm in the economical and coverage environment — now buyers will command the visibility and integrity of their coverage statements, lender and loan paperwork all by way of to retirement options employing our blockchain technologies. With Billon, you will also be in a position to clearly see when and what changes have been built to paperwork, supplying buyers the ability to challenge and supply counter phrases if essential all tracked on the blockchain.”