Poland’s PKO Bank Polski Set to Use Coinform’s Trudatum in New Blockchain Project
Poland’s Largest Bank Set To Introduce New Blockchain Project
PKO Bank Polski, Poland’s top bank, launched a new blockchain system on 19th September. The system is one of the biggest client-facing applications of blockchain technology in Europe.
Up to five million customers of PKO Bank Polski will be able to use the new blockchain system, which the bank hopes will reinforce its position as one of the leaders of innovative solutions in the Polish banking sector. The blockchain system allows the bank to build up a ledger of client transactions and agreements, while clients will be able to obtain all their banking documents and establish the authenticity of them if need be.
Reflecting on the launch, Adam Marciniak, the vice president of PKO’s management board said:
“Blockchain has the potential to increase the competitiveness of the Polish banking sector. PKO Bank Polski is successfully implementing a strategy focused on digitization, and the implementation of blockchain based solutions is part of this process and should strengthen our position as a technological leader in Polish banking.”
PKO Bank teamed up with Coinfirm, a Polish startup, to deploy the distributed ledger. Coinfirm is quickly becoming known on the European high-tech scene and developed the system which PKO Bank will use, called Trudatum. The plans had originally surfaced in March, with the first issuance set to involve documents relating to the European Union’s PSD2 privacy directive which came into force this year.
“The implementation of Trudatum in an institution as large as PKO is a breakthrough on a global scale,” said Paweł Kuskowski, Coinfirm’s CEO and co-founder.
“This demonstrates that the Polish financial sector is open to innovation and wants to become an international trendsetter.”
When the partnership between Coinfirm and PKO began a year ago, Coinfirm only employed 12 people. Now, following a hiring spree the company has around 100 under its employment. Both PKO and Coinfirm expect the launch of the blockchain system will further promote the technology and fintech in Poland.
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