Major Polish Bank to Use Blockchain Technology

A major bank in Poland will be partnering with a blockchain company to work on a blockchain based document verification system.

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Blockchain technology is usually misunderstood as being the same thing as cryptocurrency. The reality is that there is so much more to blockchain tech than just cryptocurrency. But it is uncommon to see any implementation of blockchain tech outside of the creation of digital currency. The Trudatum is one of those rare instances.

Trudatum was created by blockchain company Coinfirm. It is a blockchain platform used to register and to verify ownership and authencity of data. Polish bank PKO BP has been trialing the platform for over a year. The two companies are working in partnership to create a blockchain-based document verification system using Trudatum.

The Coinfirm team announced:

“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.”

Trudatum allows the bank to create what they call “durable media.” They define this as a digital solution for the mandatory storage of all client agreements.

Following this, PKO BP becomes one of the first European banks to openly use blockchain technology.

For their part, PKO BP is pleased with the pilot project, making it one of the first European banks to publicly admit that they’re using a blockchain tool for document management.

PKO BP Vice President Adam Marciniak said the following about the partnership:

“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.”

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