Poland puts credit histories on the blockchain
Posted: 15 May 2018 | Source: Finextra
The largest credit bureau in Central and Eastern Europe, Polish Credit Office, is teaming up with local DLT specialist Billon to move up to 140 million credit histories to the blockchain.
Owned by the largest banks in the country, Polish Credit Office tracks nearly 140 million credit histories of over one million businesses and 24 million people.
The business will now use Billon's blockchain technology to store and securely access this sensitive customer information. Billon says its GDPR-compliant technology guarantees total visibility, trackable history and full data integrity for any client-facing documents.
The system is being rolled out following trials with eight banks and consultation with the Polish Office of Competition and Data Protection Regulator.
Andrzej Horoszczak, CEO, Billon, says: "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.
"This solution provides the world's first GDPR-compliant blockchain platform that streamlines customer service processes and implements customer rights such as the "right to be forgotten". We're fixing the problem of consumer data control, creating a level playing field between individuals and corporations."