Blockchain To Assist Largest Bank In Poland With Document Management

By Sumedha Bose

It is public knowledge that blockchain has revolutionized the fintech sector and banks are one of the biggest beneficiaries of this revolution. Blockchain as a technology has found widespread use in many banks across the world. Recent news states that Poland’s largest bank is soon going to launch a system based on blockchain, to manage their customer documents.

To that end, the PKO Bank Polski has fostered a partnership with Coinform, which is based in UK. The two parties recently had a press release on Thursday, September 20, where they confirmed their tie up and the decision to launch this new system “in the coming days,”

Coinform’s unique technology, Trudatum, is a Data Verification & Analytics Platform based on blockchain, which can greatly enhance the security of the customers’ data for PKO. The tool will further allow PKO BP to create “durable media” – “a digital solution for storing all agreements with clients that is now required by the law.”

Marciniak, the vice president of the bank’s management board appreciated this endeavour and expressed that he is hopeful about a significant contribution of blockchain to the bank sector.

“This is a relatively new technology for which further applications are constantly being found worldwide.”

News of this collaboration first came out in March when Coinform announced that they were going to collaborate with PKO BP for the creation of this new blockchain system. The coinform team had explained in great detail the process;

“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,”

This is a huge step for the Polish banking industry since it demonstrates that the country is ready  to embrace new technology at the moment.