Five Polish banks are the first in the world to publish documents in the blockchain-based durable media system developed by Billon. The system is used to store documents, such as price lists and terms and conditions, and deliver them to clients in an immutable and regulatory-compliant form. Thanks to the application of this technology and the reduction of costs required to provide information in an unchanged form, the banking sector in Poland can save almost PLN 500 million annually.
In March 2017, the President of the Office of Competition and Cosumer Protection in Poland (UOKiK) issued an opinion that an e-mail does not exclude the possibility of interfering with the content of correspondence. According to UOKiK, such a guarantee is provided by a paper correspondence or other solution that meets the regulatory requirements of the so-called durable medium. Banks in Poland must adopt that decision no later than in 2018. By using Billon's blockchain technology for this purpose, the Polish banking sector will not only cut costs of corresponding with clients, but also of IT security related to data protection. The cost of solving only one security incident can amount to as much as PLN 3.5 million.
The first blockchain-based banking compliance solution
After collecting opinions of the banking sector, Billon and BIK plan to implement a commercial solution in February 2018. Polish banks may use blockchain technology for regulatory purposes as the first in the world. Billon also conducts talks about implementing similar solutions forthe banking sector in other countries.
Andrzej Horoszczak, CEO and founder of Billon. "One of the main advantages of our technology is that it is licensed. This means that - unlike in many cases of an "open source" software - there is a team that regularly works on it. We are able to present a specific direction of product development and systematically develop new functionalities, as well as respond to customer needs and questions. In this way, we become a safe and reliable business partner who has control over what he creates, as well as uses clearly defined support procedures in case of problematic situations ."
The most secure durable media solution
In accordance with the EU legislation, durable media must ensure that there is no technical possibility to modify or delete stored data by any of the parties. Andrzej Horoszczak: "The unprecedented guarantee of data retention comes from the distributed architecture of our system, not from fallible procedures. Documents are entirely outside the IT system of the institution. Any modification of them is not possible without the client's consent. If someone still wants to modify the documents, this action will be automatically detected ."
Documents are entirely outside the IT system of the institution. Any modification of them is not possible without the client's consent.
Andrzej Horoszczak, CEO and founder of Billon
The blockchain solution developed by Billon is very customer-friendly. It strengthens the position of customers in relation to the bank, because it technologically prevents the bank from deleting and unilaterally changing the document. The solution gives users easy access to their documents from any location using a smartphone. The system can be fully integrated with al the widely used forms of client communications, i.e. push messages from the mobile application, messages from the dedicated Billon application, SMS notifications or e-mail. Billon's blockchain can also store documents created by other institutions, e.g. medical records, electricity consumption indicators, phone bills, or notarial certificates.
Digital PR & Content Specialist at Billon