Largest Credit Bureau In Eastern Europe To Use Blockchain For Customer Data Storage

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Largest Credit Bureau In Eastern Europe To Use Blockchain For Customer Data Storage

Mon May 14, 2018 5:44 pm

The Polish Credit Office, Biuro Informacji Kredytowej (BIK), has partnered with UK fintech firm Billon to implement blockchain for customer data storage, according a press release from Billon today, May 14.

BIK, the largest credit bureau in Central and Eastern Europe, is owned by Poland’s leading banks and tracks around 140 mln credit histories, according to the press release. BIK president Mariusz Cholewa has stated that the credit bureau’s cooperation with Billon is “long-term,” and that BIK “believe[s] that blockchain technology will transform how the financial sector communicates sensitive data with clients.”

Cholewa emphasized that the two entities have developed a solution that “meets the legal requirements of a durable medium of information, as well as the requirements of the EU General Data Protection Regulation [GDPR], which comes into force this month.” The system indeed seems to be shaped by the context of GDPR, taking into account the stipulated right to erase personal data.

BIK and Billon have been piloting Billon’s blockchain architecture with eight Polish banks since late 2017, and have reportedly established that the system is capable of publishing over 150 mln documents per month.

https://cointelegraph.com/news/largest- ... ta-storage

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