Polish Bank Uses The Public Ethereum Blockchain For Documentation

A bank based in Warsaw named Alior Bank has decided to step up and use the public Ethereum blockchain. The Polish bank will use the public blockchain to authenticate its client’s documents, as a new report by Forbes posted in the latest cryptocurrency news shared on June 17.

The report also notes that with the Ethereum blockchain, the Polish bank will serve clients in a better way. For example, when a client at Alior receives their document, they can now verify its authenticity by following a website link to its spot on the public blockchain. In other words, customers can verify that the document in question was in fact issued – in the exact wording provided – when the bank claims.

The blockchain technology lead at the Polish Bank Alior, Piotr Adamczyk, explained:

“We know exactly in which block of Ethereum the document with a given hash is published. If we know the block number, we also know the timestamp […] We know that the document was published some time ago and hasn’t been changed in that time [if the hash stored on the blockchain is identical to the hash calculated from the document], so we can prove it hasn’t been replaced on our servers.”

Meanwhile, the best cryptocurrency news sites show that Alior has reportedly developed the blockchain solution in response to the changing regulations in Poland, where the Office of Competition and Consumer Protection in 2017 ruled that website pages do not constitute a “durable medium” necessary for issuing the customer documents.

Then, the Polish bank came up with a blockchain solution that provides online documentation through a suitably durable medium. The management at Alior also said that it is the first bank to use a public (as opposed to a private) blockchain for its customer service. The blockchain strategy lead, Tomasz Sienicki, was also featured in the altcoin news for stating:

“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 […] That’s not possible using a private blockchain.”

All of this proves that the Ethereum blockchain is still in demand as one of the most popular solutions out there. On another note, it proves that the Polish bank Alior is keeping up to date with new technologies and knows how to implement them.