April 4, 2018 Vasil Terziev

One of the first blockchain technologies seeing real-life use

A new blockchain company called Coinfirm has announced partnership with one of Poland’s major banks – PKO BP. Coinfirm has developed a blockchain-based verification tool called Trudatum. The idea behind is to use blockchain’s permanently and immovably saved data. This news is quite big, as blockchain implications were estimated to have a wide variety of use but are actually only now starting to see real-world use (besides cryptocurrencies, of course).

Each single transaction will be represented by a permanent abbreviation or hash signed by the bank’s private key. Every client then can verify whether documents received by a partner or the bank itself are true or if a third party attempted any alterations. Coinfirm was founded by Pawel Kuskowski, Pawel Aleksander and Maciej Ziolkowski who already had some experience in dealing with cryptocurrency.

In Bulgaria, for example, banks are required by law to keep a paper trail on every single transaction that is done in the last several years. Trudatum is a digital solution, which creates “durable media” which can be permanently stored. It is not far-fetched to say that we expect banks to turn to blockchain very soon – mostly because it will save then efforts and additional costs in the long run. As for now, PKO BP is one of the first European banks to officially use blockchain technology for document administration. PKO BP’s top management is currently quite happy with the implemented technology and banking tests were “highly satisfying”, meaning the shift towards blockchain is imminent.

Image source