Poland’s credit bureau has announced that they are implementing blockchain technology to securely store customer information.
The Credit Office - which stores banking records, loan agreements, insurance claims and telephone bills - tracks credit histories for over 1 million businesses and 24 million people across Poland - and is the largest credit bureau in Eastern Europe.
The new technology has been praised by the bureau as it will provide superior security and create an immutable record of the data. The system will also be fully compliant with new EU GDPR regulations coming into force this month which are designed to protect customer data and give EU citizens a “right to be forgotten.”
CEO of Billon, Andrzej Horoszczak explained how the new collaboration was a significant development for the sector:
“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 this latest partnership represents a significant endorsement of blockchain for the financial industry, the Billon CEO emphasised how they expect the technology to 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.”