Poland’s largest bank set to roll out blockchain-based system

PKO Bank Polski, Poland’s largest bank, is going to roll out a new blockchain system which will mark the technology’s one of the biggest applications in Europe till date, according to The First News.

Earlier this year, TechCrunch reported that the bank, in partnership with Coinfirm, was working on a blockchain-based document verification using a tool called Trudatum.

According to the latest reports, the bank is now set to launch the platform.

The blockchain-based system will enable the bank to build a ledger of client transactions and agreements, while allowing up to 5 million customers of PKO Bank Polski to access and confirm the authenticity of their banking documents.

“Blockchain has the potential to increase the competitiveness of the Polish banking sector,” said Adam Marciniak, vice president of the bank’s management board, in a statement. “PKO Bank Polski is successfully implementing a strategy focused on digitisation, and the implementation of blockchain based solutions is part of this process and should strengthen our position as a technological leader in Polish banking.”

Coinfirm had a headcount of just 12 employees when it started off its cooperation with the bank. The company now has nearly 100 employees on its books.

“The implementation of Trudatum in an institution as large as PKO is a breakthrough on a global scale,” said Paweł Kuskowski, Coinfirm’s CEO and co-founder. “This demonstrates that the Polish financial sector is open to innovation and wants to become an international trendsetter.”