National Clearing House and PKO Bank Polski recently announced the implementation of a new technology-based solution blockchain. I am talking about the system reporting of transactions carried out under the savings treasury bonds. Companies such as IBM i CoinfirmThe project has been approved by the Ministry of Finance.
The cooperation of KIR, PKO BP and the technology companies IBM and Coinfirm, resulted in the implementation of a system that guarantees full security of data related to transactions carried out on savings bonds. Everything took place in agreement with the Ministry of Finance. The network is based on the HLF blockchain technology, and because it is a decentralized network, it ensures the integrity and permanent nature of process data. Such a database, in turn, allows, thanks to a special application, to generate reports based on current data.
Cooperation between KIR and PKO BP
The new system is the next stage of cooperation between KIR and PKO BP. Companies have already managed to implement a durable medium and a durable medium 2.0, which ensured fully digital, secure delivery and storage of documents. However, in the fall of last year, KIR, PKO BP, IMB, Chmura Krajowa, UKNF, Fintech Poland Foundation and Cyberium Foundation, joining forces, launched the first Blockchain Sandbox in Poland. Thanks to this, a safe environment was created, ensuring the possibility of free testing of innovative solutions before introducing them to the market.
Forecasts for the future
Experts estimate that the value of the global blockchain solutions market will reach 2025 billion dollars by the end of 39,7. On the other hand, the industry that will lead the way in implementing this technology will be the financial industry, as evidenced by the increasing number of projects based on this solution. It is also worth mentioning that both KIR and PKO BP are important entities in this sector. KIR is one of the most important companies servicing the infrastructure of the Polish banking sector. It was established on the initiative of the National Bank of Poland, the Polish Bank Association and 16 commercial banks as the entity responsible for the electronicisation and professionalization of interbank settlements made in Poland. On the other hand, the PKO BP bank is the undisputed leader of the entire Polish banking sector.