Poland’s Alior bank to verify documents using Ethereum blockchain
|- All the banks in Poland must comply with the new guidelines by the regulator on verification of documents.
- Alior bank to work with Ethereum blockchain to foster transparency as opposed to using a private blockchain.
One of Poland’s largest bank, Alior recently announced that it intends to utilize Ethereum blockchain in document verification. The use of the blockchain technology will help the bank to comply with the new guidelines that have been set up by Poland’s Office of Competition and Consumer Protection.
The latest from the country’s regulatory body says that a page that can easily be modified cannot be considered as a “durable medium.”. In this case, the banks in the country have been asked to beef up their authentication systems.
Alior bank has decided to go the blockchain way instead of building a new system from the ground up. The lead blockchain strategist at the bank Tomasz Sienicki stated that “we are showing that it’s possible to use blockchain even if some people think it’s impossible.” The reason why Ethereum was chosen was to ensure that transparency remains a core principle. Sienicki explain further “We want people to verify that we did everything right and we don’t conceal anything.”
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