18 June 2019 17:25, UTC

Polish banking giant Alior announced the implementation of the blockchain in one of its services, Forbes reports. According to the statement, the financial company took a bold step using the Ethereum public blockchain to authenticate documents, which largely contradicts the bank’s traditional notion of maintaining private ledgers.

Alior’s Blockchain Strategy Lead, Tomasz SIENICKI, commented,

“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. We are showing that it’s possible to use public blockchain even if some people think it’s impossible.”

The main factor in making such a decision may be related to Polish law, which requires banks to provide customers with long-term access to documents. Representatives from Alior have confirmed that the blockchain-based system complies with existing federal regulations.

Alior is the first banking institution to adopt network technology that other companies can join, making this experience more transparent.

Image courtesy of Emerging Europe

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