Poland’s top bank, POK Bank Polski is set to launch a blockchain platform which aims at proffering a solution for its customer’s document by engaging in a partnership agreement with a UK-based startup, Coinform in the coming days, this was confirmed by both parties in a press statement on Thursday, September 20, 2018.
The Progressive Partnership
One of the values of the banking industry which has sustained the industry over the years is privacy. This progressive partnership is hinged on solidifying the security of customer data thereby ensuring that unauthorized individuals do have access to customers’ information. POK Bank Polski will be relying on the Coinform’s Trudatum for blockchain issued paperwork for its customers-base running over five million customers.
The Vice President of the bank’s board of director, Am Marciniak made a comment on the partnership, stating the; “Blockchain offers huge potential to increase competitiveness of the Polish banking sector.” Marciniak further expressed his opinion about the ingenious project, stating that;
“This is a relatively new technology for which further applications are constantly being found worldwide.”
Prior to This Time
Before now, this project or perhaps a similitude was brought to the public domain in March this year; the initiative started with its first issuance set to involve documents that pertain to European Union’s PSD2 classified directives which were introduced sometime this year.
Also in May, it was reported that the POK Bank Polski has embarked on the project, starting with recruitment for its fintech initiative dubbed “Let’s Fintech With PKO Bank Polski!” which was where the blockchain partnership ensued from.
Poland’s Open Hands Approach to Blockchain
This attempt made is a significant one in the Polish banking industry which has just woken to the reality of the blockchain technology. However, this is coming in a period where cryptocurrency startup is experiencing hostile treatment from institutions in the country.
Coinform CEO and co-founder Pawel Kuskowski also expressed his belief in the project saying that; “It shows that the Polish financial industry is still open to innovation and sets international trends.”
The official website of the program explains that executives: “search for fintech companies that are ready to pilot their solution and scale their business in partnership with the Bank,”
POK Bank Polski, being the largest bank in Poland, has indeed set a pace in the finance sector, it would not be surprising to see the other banks tapping from the inherent potentials of the blockchain technology by inventing blockchain-based devices to improve the financial system and to advance from the traditional paper system to a more digitalized system.