Polish bank moves to Ethereium blockchain for document validation process
Blockchain technology allowed the most secure and fast operational method making it reliable for the financial institutions. The U.S. banks and several other major economies of the world had already started the use of permissioned ledgers that can be used only for the invited users. Presently, one of Poland’s 10 biggest banks is making a stride into the blockchain to grow its level of operations.
Until now, the majority of the monetary organizations had been progressively working with permissioned, private blockchains that they have more authority over. The Alior bank’s step to use an open blockchain will be the first of its kind in the financial ecosystem. Warsaw-based bank declared that it will be offering the choice of keeping an eye on the validation and trustworthiness of authority records to its clients.
Financial institutions had been handling the paperwork in the hard format till now but with blockchain integration, the entire procedure will become much easier and reliable along with having longer life in the digital era.
Tomasz Sienicki, Blockchain strategy lead of Polis bank said,
“Our mission is to be disruptive, so we want to provide innovative solutions, and we want other banks to follow us as well. We welcome if somebody copied our solution. We are showing that it’s possible to use public blockchain even if some people think it’s impossible.”
Poland had guidelines that ordered banks to declare all the documents to its clients in the solid medium format. This encouraged the bank to explore the blockchain related possibilities to serve its users along the government approved guidelines. With the blockchain integration, financial institutions will have the best quality of services included in the portfolio for the users in the future.