Alfa-Bank, one of the largest private banks in Russia, last month released a mobile app "Поток" (which means “Stream” in Russian), which allows users to record online interviews when making application for a loan, Forklog reported.

The app has been developed in collaboration with BlockNotary, a startup which focuses on reducing the risk of fraud using blockchain technology. BlockNotary is software which allows a business to offer its client an efficient and quick way to prove his identity in order for a business to take further actions: release loans, unlock bank cards, subscribe for services, the website states.

"We did a pilot for Finopolis 2016 that Alfa Bank was showing at the booth.  After this, the pilot expanded, and we released a branded application for iOS and Android for the project stream.  The project started in early October this year.  And already 17 November came branded application for interview with blockchain-notarization needs,” said BlockNotary CEO Igor Barinov (loosely translated from Forklog).

According to the report, another large European bank will implement this solution for customer identification. The name of the bank has not been disclosed yet.

Forklog report stated that BlockNotary integration will also help in identifying merchants who want to put the PoS-terminal in their points of sale. Before using BlockNotary, companies had to carry out personal interviews with each client, use multiple levels of validation. Conducting interviews online will greatly accelerate the process of customer identification, as well as reduce the risk of misuse stemming from PoS-terminals.