According to latest reports by Forbes, Alior, a Polish bank from Warsaw has recently come out with a new feature that allows them to verify documents, and ascertain their authentication and integrity through the public Ethereum blockchain. This blockchain-based document verification tool will help streamline banking processes to a huge extent and make the system much more efficient.
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Whenever a user of the bank receives a particular document, he or she can follow a given weblink to ensure that the document in question is indeed in existence and it was issued correctly with the appropriate wording at a given time.
As Tomasz Sienicki, the blockchain strategy lead of the organization explained:
“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.”
According to the bank, this particular blockchain solution was developed for ensuring that customers were able to access documents in a durable form, as per the requirements of the new regulation.
According to a ruling by the Office of Competition and Consumer Protection, the website of a bank cannot be considered to be a “durable medium” as it can be altered quite easily. For that reason, storage on blockchain, often lauded for its immutability, can be quite helpful in this regard.
As Sienicki added to his comments:
“It was born in our innovation lab, but later on, we managed to convince our management that a dedicated team should be set up on just blockchain issues. Everybody can copy this code and use it for his or her purposes. We encourage people to do so.”