Billon, A British-Polish Fintech, Successfully Secures EU Grant Of $2.1M For Document Management Solution
Billion, A British-Polish Fintech Successfully Receives EU Grant Of $2.1 Million To Create Document Management Solution
Billion, operating as a joint Polish and British Fintech company, has officially been awarded a £2.1 million grant in order to work on and develop its decentralized, blockchain supported document management solution. The total grant was given to the company by the European Commission and its SME Instrument Program.
Billion has, for some time, been working on the development of its own proprietary distributed ledger system known as Blockchain for Trusted Document Management [or B4TDM for shorter hand]. Through the application of this solution, it will allow users to store, sign and subsequently share various electronic documents that it processes.
Along with digitizing the entire process of documentation and storage, Billion's solution will offer companies a way in which to encrypt their documents and customize who is able to access various documents. The £2.1 million grant makes a lot more sense when considering that, according to recent research – Distributed Ledger Technology solutions will allow companies to half the overall cost of management solutions.
Wojtek Kostrzewa, the CEO of Billion Group believes that this will give companies far more power over their paperwork.
“Today’s document management industry has struggled with fulfilling regulatory and customer requirements related to protecting document identity content, and to provide customers with control over data they choose to share or delete,” Kostrzewa continues.
“With the funding from Horizon 2020, Billon will fulfill MIFiD2 and GDPR requirements with innovation that puts a customer in control of their own data and documents.”
One of the added benefits of applying this kind of solution is that it allows companies to adhere wholly to the European Union's General Data Protection Regulation (GDPR) guidelines. For example, in accordance with the EU ‘right to be forgotten' [digitally], companies will be able to delete access to data should an individual or client wish to be forgotten.
It is because of this adherence to regulatory guidelines that this solution has since been implemented by the Polish Credit Office, with the first series of banks getting set up for adopting this solution by the end of 2019's second quarter.
Billions is one of approximately 64 companies that successfully obtained funding in phase 2 of the European Union's SME instrument. Among them, it is the only company making use of blockchain within this phase. In the past, SettleMint, which is a blockchain software provider, and the Know Your Customer service provider AUTHENTEQ are some of the only organizations to make it into this phase of project development.
“We were qualified to receive the funding some time ago, but we signed the grant agreement only now, so now we are certain we will get the money and can communicate that. This is the timing that was recommended by the EU,” the company went on to state.