Everybody talks about banks and cryptocurrency competing with each other, but what if banks used blockchain themselves? Polish Credit Office Biuro Informacji Kredytowej (BIK) has partnered with Billon Digital to store millions of customers' banking information with blockchain technology.
According to Billon CEO Andrzej Horoszczak, "Our partnership is the start of a true revolution in information management. It is now possible to move away from the constraints of closed central databases to a democratic blockchain-based Internet where every user will be able to control their identity."
The Data Protection Regulator and Polish Office of Competition approved their partnership and they are GDPR compliant. Currently, trials are happening with eight banking providers. If everything goes well, BIK will be able to very securely store their users' data in a way that is completely transparent and trackable.
“We’re fixing the problem of consumer data control and creating a level playing field between individuals and corporations," said Horoszczak.
I think combining banking and blockchain is a great idea. It could be a stepping stone to cryptocurrency becoming more widespread. Even if it didn't help spread crypto use, it's a wonderful way to make banking more secure and under our control.