Biuro Informacji Kredytowej (BIK), the Polish Credit Office, in collaboration with blockchain startup Billon is going to implement blockchain for storage and secure access to sensitive customer information.

BIK and Billon partnered in late 2017 to develop a solution for durable medium of information, defined by a number of EU regulations and directives such as GDPR and the latest MIFID II and IDD directives. The bureau will benefit from Billon’s blockchain technology with its superior security, integrity and immutability features.

The solution is fully-GDPR compliant and ensures total visibility, trackable history and full data integrity for any client-facing document including banking records, loan agreements, insurance claims, telephone bills and terms & conditions. Billon said that it is the first Regtech compliant blockchain solution and the only one with on-chain data storage and a mechanism enabling "the right to erase personal data".

"This solution provides the world's first GDPR-compliant blockchain platform that streamlines customer service processes and implements customer rights such as the "right to be forgotten". We're fixing the problem of consumer data control, creating a level playing field between individuals and corporations. The benefits could affect more than the financial sector, and we anticipate it will soon be adopted by industries such as telecommunications, insurance and utilities,” Andrzej Horoszczak, CEO of Billon, said.

According to the official release, the trials saw participation of eight Polish banks and established that Billon's scalable blockchain architecture could publish over 150 million documents every month.

"We believe that blockchain technology will transform client communications in the financial sector. Our solution will soon be expanded to include electronic delivery with active confirmation and remote signing of online agreements," said Mariusz Cholewa, President of BIK.

In July 2017, Billon received EUR 2 million funding from Horizon 2020, the European Union’s Research and Innovation programme.