Banking News in Brief

Poland to put credit history on blockchain

Credit History

Polish Credit Office (Biuro Informacji Kredytowej – BIK) is implementing a blockchain solution for secure access to sensitive customer information. The platform will use Billon blockchain technology and incorporate the right to erase personal data.

BIK, the largest credit bureau in Central and Eastern Europe, is owned by the biggest banks in Poland. The bureau tracks the credit histories of one million businesses and 24 million individuals.

The announcement follows a trial in collaboration with eight Polish banks. The trial proved that Billon’s technology platform can publish over 150 million documents every month.

Andrzej Horoszczak, CEO of Billon said: “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.”

Billon is a startup that created a decentralised instant payment system. The team of fifty plus is primarily Polish and they have bases in Poland and the UK.