Major Polish Bank To Implement Blockchain Document Storage System
Polish PKO Bank has partnered with Blockchain company Coinfirm to build a DLT-based tool for document storage and verification.
A Polish major bank PKO Bank Polski has recently announced their partnership with Blockchain company Coinfirm to provide a DLT-based storage and verification system for bank documents, TechCrunch reported on March 29.
The recently signed agreement aims to bring Blockchain technology to PKO’s banking system via the Trudatum tool developed by Coinfirm. The system will provide customers with a secure means to access documents containing information regarding regulations, transactions, fees, and commissions.
Anna Streżyńska, president of Polish fintech company MC2 Solutions, commented that banks have become more interested in using Blockchain for document management systems, as existing tools of informing customers do not meet security requirements. Methods such as 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. "
A Blockchain storage system could also provide savings on costs of operation for PKO, as it eliminates the need for expensive paper documentation for over 9 mln customers.
According to PKO Bank Vice President Adam Marciniak, the bank began testing Trudatum last year. Following successful testing, the bank signed an agreement to continue collaboration on the project .
“Last year we started tests of the Trudatum platform developed by Coinfirm. As tests in the banking environment were highly satisfying, we decided to cooperate more closely. We believe that together we will be able to carry out a pioneering operation of implementing Blockchain technology into the Polish banking sector.”
Earlier this week, Cointelegraph reported that the Bank of England has partnered with payment solutions developers to test Blockchain compatibility for its renewed gross payment system.