Major Polish Bank Will Implement A Blockchain Based Document Storage System

TechCrunch Reports

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PKO Bank Polski which is a polish major bank made an announcement in regard to their partnership with a certain Blockchain based organization called Coinfirm. This is to provide what they term as DLT storage and verification system for their documents in the bank. This was reported on 29th by TechCrunch.

Therefore, the agreement which was signed a few days ago will have the major goal of the introduction of the Blockchain technology to PKO banking system using Coinfirms’ Trudatum tool. The system, however, aims at the provision of the customers with security as they access the documents which have information in regard to transactions, regulations, commissions and also fees.

The president of the polish fintech organization MC2 Solutions, Anna Strezynska, made comments that banks and financial institutions have adopted the use of Blockchain, especially in the document management. This is because the currently used tools do not have the necessary requirements. Using various methods for instance website notifications and emails can be subject to removal of data and modification.

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 storage system based on Blockchain provides savings per PKO operation cost. This is due to the fact that it eliminates the use of expensive paper documentation for close to 9 million customers.

According to Adam Marciniak who is the Vice president s of PKO bank, they started testing the system about a year ago. The bank then was involved in signing an agreement about the project because the testing process was a success.

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.

According to earlier news, the Bank of England also tested their Blockchain compatibility to integrate their gross payment system. This is as reported by Cointelegraph.

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