The US and global banks and financial institutions have implemented a large number of blockchain solutions. Now, one of the largest banks has refused to remain backward in this trend.
Alior Bank — a Polish, Warsaw-based bank — has decided to use the public Ethereum blockchain to verify documents of its clients.
According to the Forbes June 17th report, an Alior client can follow a website link to where a document is located on the public blockchain to verify its authenticity after receiving it. This system helps customers to verify whether the wording that appears in the document is similar to the one the bank claims to have issued.
Piotr Adamczyk, Alior’s blockchain technology lead, commented the following:
“We know exactly in which block of Ethereum the document with a given hash is published. If we know the block number, we also know the timestamp […] We know that the document was published some time ago and hasn’t been changed in that time [if the hash stored on the blockchain is identical to the hash calculated from the document], so we can prove it hasn’t been replaced on our servers.”