Applying blockchain technology to a variety of businesses just went a notch higher with the biggest credit bureau in Eastern Europe set to store and secure highly sensitive customer information and banking records on the blockchain.
Biuro Informacji Kredytowej (BIK), which is owned by the largest banks in Poland, tracks the credit history of an estimated 140 million consumers. It has signed a partnership with London-based fintech firm Billon.
A press release by Billon states that the two entities have developed a solution that “meets the legal requirements of a durable medium of information” and that is in line with the European Union (EU) General Data Protection Regulation (GDPR) regulations and directives. This means that it is the only blockchain solution that is committed to offering the rights to erase personal data. Many blockchain solution providers are still on working on adjusting their technology to comply with GDPR.
Eight polish banks have already piloted the new blockchain solution, which led to the conclusion that it could handle over 150 million documents every month.
BIK President, Mariusz Cholewa said:
“Our cooperation with Billon is long-term. We believe that blockchain technology will transform how the financial sector communicates sensitive data with clients.”
According to Billon, it is the only company that offers “civilized blockchain”- that is, it implements blockchain technology to process fiat currency. Rather than using new currencies, Billon opted for “E-Money”, which is a legal tender stipulated under EU E-Money Directive (2009/110/EC).
Billon’s website states that their technology is designed “to store digital money as encrypted files on a mobile device or in the cloud”.
In explaining the importance of the new data management system, Billon CEO Andrzej Horoszczack stated the following:
“This solution provides the world’s first GDPR-compliant blockchain platform that streamlines customer service processes and implements customer rights such as the “right to be forgotten.”
In addition, he added that their solution not only solves the problem of consumer data control, but makes the data management fair for all the people involved in it.
The company expects the new blockchain solution will soon be adopted for use in a range of industries including telecommunications, insurance, and utilities.