Banking Blockchain

Largest Polish bank to store client files on Coinfirm blockchain

March 28, 2018


Largest Polish bank to store client files on Coinfirm blockchain

The largest bank of Poland PKO Bank Polski announced that it has finished testing of Trudatum Coinfirm blockchain platform for logging and storing client documentation for over a year.

The next step for the bank is to integrate the technology with its current systems and roll out a production-ready service for verifying the authenticity of millions of client documents and transaction records.

According to the bank announcement, every document recorded in the Trudatum ledger will be issued in the form of an irreversible hash file signed with the bank’s private key.

“This will allow a client to verify remotely if the files received from a business partner or from the bank are true, or if a modification of the document was attempted,” the bank explained.

“Blockchain meets the key requirements for durable media, guaranteeing confidentiality and integrity of the documents delivered to clients, which additionally increases the attractiveness of this technology for the banks,” told Grzegorz Pawlicki, director of PKO Bank Polski’s innovation bureau.

Co-founder of Coinfirm Pawel Kuskowski in his turn noted that Coinfirm is testing the technology with a number of banks, but PKO Bank is the first to try to move towards deployment.

“First, it demonstrates that big players are ready for blockchain implementations, and that there are a number of very significant use cases which are adding huge value not only to the bank, but also to its customers. Second, it overturns the myth of banks’ restraint with regard to blockchain innovations. We’re sure that, in the coming years, financial institutions all over the world will be looking up to PKO BP and learning how to successfully apply blockchain,” Pawel Kuskowski added.