Business & Finance

Polish Bank to Use Blockchain Based Data Management System

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PKO Bank Polski has announced its partnership with Coinfirm, a Blockchain company to introduce a tool called “Trudatum” (a Coinfirm product) for client database and document management. The software ensures immutable saving of document related to any transaction, terms and conditions, contracts etc. permanently in a database. This will enable the clients to remotely access and verify the authenticity of any document received from the bank or their business partners thus increasing transparency in the banking sector.

Blockchain system is almost like an end-to-end encryption where details of transactions cannot be accessed by a third party. It also reduces the bank’s expenses on safely saving data by digitalizing the system.

PKO BP is the first European bank to introduce Blockchain in document management. PKO BP Vice President, Adam Marciniak is pleased to partner with Coinfirm as “It already has considerable experience in several countries” he said. He also confirmed that tests were conducted over the last one year before the official announcement and the move comes only after the results were satisfactory.

Coinfirm Co-founders Pawel Kuskowski, Pawel Alesander and Maciej Ziolkowski said that Trudatum provides “A digital solution for storing all agreements with clients that is now required by the law”.

All in all, introduction of Blockchain in banking sector is what would ensure safer, cheaper and hassle-free banking in future. Or that’s what we hope for.

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