Polish bank to offer blockchain document authentication

June 19, 2019

Alior, a Polish bank based in Warsaw, has announced a feature to allow customers to check the integrity and authentication of documents through the Ethereum blockchain. The solution uses a smart contract to store a digital signature linked to the name and block number on the Ethereum blockchain. Customers can check these documents to ensure they have not been changed or tampered with, according to a report by Forbes.

Poland requires banks to give customers access to documents in a "durable medium." Its Office of Competition and Consumer Protection also ruled that a bank's website page does not qualify as durable as it can easily be changed. This is why Alior turned to the blockchain.

"We want people to verify that we did everything right and we don’t conceal anything. If we say the documents are actually verified and authentic, everybody can check it and confirm," Tomasz Sienicki, lead of blockchain strategy, Alior, said in the report. "That's not possible using a private blockchain. Our mission is to be disruptive, so we want to provide innovative solutions, and we want other banks to follow us as well. We welcome if somebody copied our solution."

Topics: Mobile Banking, Region: EMEA, Regulatory Issues

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