PKO Bank Polski, one of the largest banks in Poland, has turned to blockchain technology through which its customers will receive changes to the product regulations electronically. The bank together with the National Clearing House has implemented the blockchain solution called Trudatum developed by the Polish-British company Coinfirm. Trudatum solution registers the unique ID of any type of data and stores it in the public blockchain along with Proof of Ownership, Authenticity, and Timestamp. It allows seamless registration and verification of data, without exposing it to be viewed or stored by the platform itself or by unwanted third parties.
Through this blockchain solution, more than half of PKO Bank Polski's customers will receive digital correspondence for any changes in the product regulations from European and national Payment Services Directive 2 (PSD2) regulations. In electronic correspondence from the bank, customers will find, among others, 64-character unique hash identifier of the document and link to the bank's website, where without logging in, simply after pasting the hash ID or after uploading the previously downloaded document will receive information whether the document is authentic and the last time it was modified. Due to this solution, clients will be able to keep access to documents even after the cooperation with the bank has ended and they will be sure that they have not been modified. Documents are stored simultaneously on the PKO Bank Polski and KIR servers, and access to them is possible through the websites of both institutions. KIR is a key entity of the Polish payment system infrastructure, which renders clearing services and provides solutions to the banking and payment sectors.
Currently, more than half of the bank's customers, i.e. over 5 million, have agreed to receive electronic communication. Other customers will continue to get traditional correspondence, though more and more people decide to communicate electronically in the era of digitization. The project was first announced in March following almost a year of testing and is now set to be rolled out within the next few days. Adam Marciniak, Vice President of the Management Board of PKO Bank Polski said:
"Blockchain has great potential to increase the competitiveness of the Polish banking sector. PKO Bank Polski successfully implements a strategy focused on digitization, and the full implementation of the blockchain-based solution is the next step on the path chosen by us, which strengthens our position as a technological leader in Polish banking. We are working on further innovative solutions, and we work with external partners in the work, creating together modern banking in Poland."