On Wednesday, one of the top Central European banks – PKO Bank Polski – launched a brand new blockchain system. The bank is thus setting up a distributed ledger for client transactions and agreements through the blockchain system. This system is expected to be one of the top and most extensive blockchain based applications focused on the relation of bank and the client in Europe.
This system is dedicated to the authentication of banking documents and clients’ access thereto. For this purpose, PKO Bank initiated cooperation with a Polish startup Coinfirm, setting the distributed ledger for the bank. This Polish startup has made a great step for its branding, reaching great position at the financial high-tech scene in the Old Continent. It’s system, developed for the PKO Bank, will be branded as Trudatum.
This project is already known since March, when it was officially announced. However, a year of testing preceded. September became the month of launch when around five million of clients of PKO are going to receive their digital terms & conditions, related to any PKO products, over the upcoming days.
On the question of the choice of Trudatum, Adam Marciniak, the Vice President of PKO’s Management Board commented that he sees a potential in blockchain to “increase the competitiveness of the Polish banking sector.” He added that PKO has a general strategy for digitisation, which is being implemented successfully, while Trudatum represent only a portion of this extensive modernisation of the bank, what should help the institution to strengthen its position on Polish bank market.
This system is focused on the confirmation of authenticity and immutability of documents, which PKO is sending to its clients. For this purpose, Trudatum is using the private blockchain based on IBM’s Hyperledger. But it’s not the first Coinfirm’s achievement. The company was also successful in the integration between the PKO’s and KIR’s systems.
The Chief Executive Officer of the start-up as well as one of its founders, Paweł Kuskowski, sees this as a huge success as the implementation of such system in a banking institution of such extent is “a breakthrough on a global scale.” He also sees Polish financial sector very innovation- friendly, setting new international trends.
This success may be seen on the number of employees Coinfirm has now. A year ago, such cooperation was only initiated, the start-up had 12 employees. Now, the number is around 100 and with such great promotion through the PKO bank, this Polish start-up may expect even more customers to come. Moreover, keeping the know-how in Poland helps the national sector to gain competitive advantage.