Polish Credit Office To Use Blockchain Tech. To Store Consumer Data
The Polish Credit Office (Biuro Informacji Kredytowej) is collaborating with Billon, a tech company, to use blockchain to safely store consumer data. With this initiative, Poland becomes the first country to use blockchain technology to store banking records. The Credit Office, the largest credit bureau in Eastern Europe, store insurance claims, banking records, telephone bills, and loan agreements of over 24 million people and 1 million businesses across Poland.
The Credit Office is full of praise for the blockchain technology as it is secure, hack-resistance, and tamper-proof. Furthermore, the bureau revealed that the system being built to store data will be fully compliant with new EU GDPR regulations, which will become effective this month. The regulations were designed to protect consumer data and provide EU citizens a “right to be forgotten.”
Andrzej Horoszczak, CEO of Billon, explained the significance of the collaboration
“Our partnership is the start of a true revolution in information management. It is now possible to move away from the constraints of closed central databases to a democratic blockchain-based Internet where every user will be able to control their identity We’re fixing the problem of consumer data control, creating a level playing field between individuals and corporations.”
While acknowledging the importance of the technology for the financial sector, the CEO also elaborated on how the distributed ledger technology will be applied far more broadly.
“We anticipate it will soon be adopted by industries such as telecommunications, insurance and utilities. Our cooperation is only the first step to introducing mass blockchain technology use for trusted document management.”
About Biuro Informacji Kredytowej (BIK)
BIK carries out its activity pursuant to the Act of 29 August 1997 – Banking Law. The law stipulates that banks acting jointly with bank chambers of commerce may establish an institution authorized to process and make available information to banks and other institutions statutorily authorized to grant credits and loans under certain conditions laid down in the Act. BIK’s mission is to support trust and safety of participants of business transactions in Poland by providing reliable and as complete as possible information.
Billon has created a revolutionary instant payments system tapping on distributed ledger technology. The technology supports all national currencies, complies with financial regulations, and eliminates barriers of time and distance.