Alior, a leading Polish bank, has announced the development of a public Ethereum Blockchain, which will facilitate more accessible and more secure communication with customers when it comes to document management.
Alior will be one of the first traditional banking institutions to implement the blockchain technology in their communication with customers directly. While large international banks, like the U.S based Signature, have already introduced blockchain to their payment platforms, Alior is aiming to become a pioneer in the document verification sector.
The main idea behind this new feature is for the bank and its customers to have a simplified platform for document management, which also ensures the full authenticity of all information available.
Commenting on the announcement, Alior’s blockchain strategy expert Tomasz Sienicki said:
We want people to verify that we did everything right and we don’t conceal anything. If we say the documents are verified and authentic, everybody can check it and confirm.
The way in which the new document management system will work is simple. Thanks to the capabilities of the public blockchain, all customers will have access to their documents, and to the edit history of each one of them. Essentially, each document will be created as a smart contract, which has a unique block number. All information regarding the creators of the contract and the edits made on it will be available to customers at all times.
Such a level of transparency is something new in the traditional banking world. Alior will indeed be one of the first banks worldwide to open the doors to their back-office operations for its’ customers.