Bank began to use Ethereum for verification of client's documents

In the middle of June, 2019 it became known of implementation in Alior Bank blockchain- the system used for verification of client documents. The bank entering ten the largest in Poland implemented the project on technology Ethereum based on which works air cryptocurrency.

Clients of Alior Bank can verify integrity and authenticity of the white papers sent them by means of the new platform.

Usually financial institutions use private a blockchain systems, and Alior Bank, allegedly, the first among banks implements publicly developed technology.

The Alior Bank began to use blkocheyn Ethereum for verification of documents of clients

As the development director explained zhurnaluforbes Alior Bank blockchain strategy Tomasz Sienicki, the choice for benefit of Ethereum is caused by desire of the company to pass to the most disruptive technology and to use non-standard solutions. Alior Bank considers that other banks can follow the example of the Polish credit institution.

Blockchain system it was implemented in the conditions of the fact that the Polish Department on protection of the competition and the rights of consumers (UOKiK) requires that banks informed clients  on changes in their documents with the reliable channel of communication guaranteeing its  invariance of data. Alior Bank was necessary to send every year to clients more than one million letters, informing them on changes of conditions, the size of the commissions or rates on accounts and deposits.  The technology based on Ethereum eliminates need of so large mailings.

According to Tomasz Sinitsky, each client will be able to check documents in the account if he had any doubts in work of bank. Each document is stored in the "smart" contract written at unique number in the decentralized register. All information on the one who creates or changes the document, is stored in a blockchain, and it is possible to look at it at any time.^[1]

Notes