PKO Bank Polski, one of the largest banks in Central Europe, this week inked a deal for a live deployment of a blockchain system for document verification. The bank is working with startup Coinfirm and has already completed a proof of concept with the young company which was part of its accelerator program.
The Trudatum blockchain platform means each document is saved on the network in ‘hashed’ form and signed with the bank’s private key. Hashing is an irreversible abbreviation that looks like nonsense. The relevant documents could include transaction confirmations and banking regulations. The client can check remotely whether the file received is valid and whether there has been an attempt to modify it.
Grzegorz Pawlicki, Director of the Innovation Bureau at PKO Bank Polski said: “Blockchain meets the key requirements of a durable medium, ensuring, among others, confidentiality and integrity of documents provided to the client, which further increases the attractiveness of this technology for banks”.
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