Polish Credit Office to set Blockchain Resolve

The Polish BIK, collaborating  with Distributed Ledger Technology (DLT) provider Billon, is to adopt blockchain for storage and security of customer information
16 May 2018   850

BIK, that is hold by domestic and foreign banks in Poland,  comprise the major banks, keeps over 140 million credit histories of more than 1 million businesses and 24 million people in Poland, providing data on the credit history of bank customers, credit unions, etc. from the whole credit market of the country.

We believe that blockchain technology will transform how the financial sector communicates sensitive data with clients. 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 the legal requirements of a durable medium of information, as well as the requirements of the EU General Data Protection Regulation [GDPR], which comes into force this month.
Mariusz Cholewa
President, BIK

As the founder and CEO of Billon Andrzej Horoszczak claims, the resolve that Billon has developed with BIK provides the world’s first GDPR-compliant blockchain platform which can upgrade customer service processes and manage the realization of customer rights such as the “right to be forgotten.”

This solution returns control of user data back to consumers, creating a level playing field between individuals and big corporations. The benefits of this solution can have an impact beyond the financial sector, and we anticipate that it will soon be adopted by institutions across industries such as telecommunications, insurance and utilities.
Andrzej Horoszczak
Founder, CEO, Billon

The used for the BIK project DLT solution will place every document in accessible, long-term storage, independent of the status of the contractual relationship status between the service provider and the user. Patents have been registered and the technology is ready to be accepted at performance levels that competes with the  traditional centralized databases.

Bank of China to Issue $2.8B Blockchain Bonds

Bank used its own DLT system to issue blockchain bonds
09 December 2019   71

The fourth largest state bank, the Bank of China, has issued two-year blockchain bonds for small businesses totaling $ 2.8 billion.

To issue digital certificates, Bank of China used its own blockchain system.

It is also the first blockchain-based bond issue accounting system in the country.
 

Bank of China

Securities will go on sale with an interest rate of 3.25% per annum.

Thus, the bank hopes to raise funds to support small businesses in the country. As of September, as part of this initiative, the bank provided loans to small and micro enterprises for a total of $ 57.7 billion.