Poland Becomes World’s First to put Banking Records on the Blockchain

  • Polish Credit Office, the largest credit bureau in CEE, commits to implementing Billon blockchain for storage and secure access to sensitive customer information  
  • Credit Office tracks credit histories for 1 million businesses and 24 million people across Poland  
  • New GDPR-compliant solution capable of scaling to over 150 million documents monthly  

Billon, the technology company that civilised blockchain, and the Polish Credit Office (Biuro Informacji Kredytowej – BIK), the largest credit bureau in Central and Eastern Europe, will implement blockchain for storage and secure access to sensitive customer information. Billon”s blockchain technology will benefit the bureau through superior security, integrity and immutability of data. The fully-GDPR compliant solution guarantees total visibility, trackable history and full data integrity for any client-facing document including banking records, loan agreements, insurance claims, telephone bills and terms & conditions.

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BIK, owned by the largest banks in Poland including Pekao, ING, mBank, Santander and Citi, tracks nearly 140 million credit histories of over 1 million businesses and 24 million people. ‘Our cooperation with Billon is long-term. We believe that blockchain technology will transform client communications in the financial sector. Our solution will soon be expanded to include electronic delivery with active confirmation and remote signing of online agreements. It is also important that the solution meets legal requirements of a durable medium of information, as well as the EU GDPR requirements,’ said Mariusz Cholewa, President of BIK.

BIK and Billon developed the solution for durable medium of information, defined by EU regulations and directives such as MIFID II and IDD directives. The partnership saw eight Polish banks participating in trials, which established that Billon”s scalable blockchain architecture could publish over 150 million documents every month. This would be more than sufficient for even the largest institutions to move to paperless customer service.

The solution has been approved following extensive consultation with the Polish Office of Competition (UOKiK) and Data Protection Regulator (GIODO), making it one of the world”s first Regtech compliant blockchain solutions, and the only one with on-chain data storage and a mechanism enabling ‘the right to erase personal data’. Currently, the only major alternatives to this are hardware-based archive solutions such as legacy WORM drives. Compared to them, Billon”s solution offers 30% saving in TCO, ensuring minimal upfront costs.

‘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,’ explained Andrzej Horoszczak, CEO of Billon. ‘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. The benefits could affect more than the financial sector, and we anticipate it will soon be adopted by industries such as telecommunications, insurance and utilities. Our cooperation is only the first step to introducing mass blockchain technology use for trusted document management.’

About BIK:

About Billon:

Billon has created a versatile distributed ledger technology, enabling a new digital way to exchange money and data simultaneously without issuing cryptocurrencies. The revolutionary next-generation blockchain architecture relies on national currencies and stores virtually unlimited data in a secure network. This integrated system system of data, money and identity processing builds transformational solutions and business-ready products meeting all the money and data management needs, from loyalty programs, through nanopayments, to a document repository:


LONDON, May 14, 2018 /PRNewswire/ —