Several banks all over the world have already tried themselves in the usage of blockchain technologies. Commonly, they are implementing systems on permissioned ledgers that only invited participants can join, but Poland’s Alior bank took the game to a higher level.
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Alior bank declared that it will start offering a new feature to its costumers. This feature will give costumers an opportunity to check the authentication and integrity of official documents by using a public Ethereum blockchain, which supports ether token valued approximately $27 billion. This kind of public blockchain usage is among the first in the industry.
Tomasz Sienicki, blockchain strategy lead, says that they want to offer innovative solutions for their consumers and they would be very happy if some other banks have copied their solution. They aim to show everyone that it’s possible to apply public blockchain even though some people think it’s not.
The major reason for this innovative implementation is that Poland has regulations that require banks to give customers access to documents in the form of a long-lasting medium, and its Office of Competition and Consumer Protection governed in 2017 that a page on a bank’s website which may be easily modified doesn’t qualify.
This regulation became a pushing factor for Alior bank for exploring modern technologies and find a suitable solution. And the solution was the establishment of the Blockchain Center of Excellence. Sienicki mentioned that the implementation of the blockchain system matches all federal regulations of their country.