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Many believe that blockchain will replace some of the activities undertaken by traditional banks. In Poland, this is becoming a reality. Their largest bank is creating a complementary relationship between the distributed ledger technology (DLT) and the traditional banking system. In a press release on September 20, the largest bank in Poland, the PKO Bank Polski and a UK-based blockchain company Coinfirm, are preparing to launch a blockchain solution “in the coming days.” This solution is part of the Polish banks’ initiative to improve the security of its 5 million plus customers.
The initiative uses blockchain to issue paperwork for the bank’s account holders, initially emerged in March this year. The first ones to be released will tackle the PSD2 privacy directive from the European Union which kicked off this year.
The PKO Bank Polski’s interest in blockchain and the fintech industry started some time ago. The bank recruited fintech startups for its “Let’s Fintech with PKO Bank Polski” initiative in May. This initiative is the genesis of the recent blockchain partnership with Coinfirm and shows the bank’s readiness to welcome fintech and blockchain’s innovative solutions. As Coinfirm’s co-founder and CEO put it, “It shows that the Polish financial industry is still open to innovation and sets international trends.”
The future is bright in Poland with distributed technology as PKO Bank Polski takes the lead for fintech solutions. The bank has laid a foundation for distributed ledger technologies. If successful, the partnership will open doors for more solutions. Banks that ignore emerging technologies will have to innovate to better serve their customers.