- Polish bank has developed the blockchain solution in response to regulatory requirements.
- Customers can verify the authenticity of any document received from the bank by following the weblink
Alior Bank, a bank based in Warsaw, Poland, is using the public Ethereum blockchain to authenticate its clients’ documents, according to a report by Forbes on June 17.
A Warsaw-based bank Alior has launched a new document verification feature that allows checking on the authentication and integrity of official documents via the public Ethereum blockchain, Forbes reports.
When the customer receives a document, they can follow a dedicated weblink to make sure that the document actually exists and it was issued in the exact wording and at a specified time.
“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,” says blockchain strategy lead Tomasz Sienicki explained.
The bank says that the blockchain solution was developed in response to the regulatory requirement to provide customers access to documents in the form of a durable medium. Moreover, according to the Office of Competition and Consumer Protection ruling, a bank’s website cannot be regarded as a durable medium as it can be easily changed.
“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,” Sienicki added.
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