PKO turns to Coinfirm for blockchain-based documentation verification
The agreement, signed today (27 March), is “a first-of-its-kind across financial services worldwide”. The full implementation will support millions of documents created by the bank annually,
Trudatum has been piloted by PKO BP for over a year, as the result of the “Let’s Fintech” accelerator programme.
Paweł Kuskowski, CEO and co-founder of Coinfirm, says the deal demonstrates that “big players are ready for blockchain implementations, and that there are a number of very significant use cases which are adding huge value not only to the bank, but also to its customers”.
The first stage of implementing Trudatum will focus on integrating it with PKO’s current systems and providing a solution which makes it possible to verify the authenticity of various bank documents.
Every document recorded in the blockchain (e.g. proof of a transaction, or bank’s terms and conditions for a given product) will be issued in the form of irreversible abbreviation (“hash”) signed with the bank’s private key.
The duo say this will allow a client to verify remotely if the files received from a business partner or from the bank are true, or if a modification of the document was attempted.
Due to Coinfirm’s solution, PKO BP can now provide “more efficient supervision of transaction history and data verification, which will be beneficial both in terms of time savings and costs of managing these processes”.
According to PKO, at the end of 2017, its consolidated net profit reached almost €750 million and it has 9.5 million customers.