Swim or Sink: Central Europe’s Largest Private Bank Embraces Blockchain

One industry that stands out in the application of the Blockchain is the banking industry. With the promise of cheaper costs, security, speed and immutability of transactions, banks across the globe appear to be at the forefront of testing/adopting Blockchain applications.

Swim or sink
Another reason why banks may be considering Blockchain adoption at different levels is because the technology continues proving to have come to stay. Therefore they are stuck with a “Swim or Sink” scenario.

Whatever the motivation, be it enthusiasm or compulsion, the growth of the Blockchain within the banking sector is a matter of significance.

Big move
Another milestone achieved by Blockchain is the testing of Coinfirm’s platform Trudatum by the largest bank in Central Europe, PKO BP. Today Poland is arguably one of the more technologically advanced financial and banking markets in the world.

Trudatum is a provenance and verification platform for any type of data, document or file, a Blockchain solution from creators of the Blockchain Platform, Coinfirm.

CEO and Co-Founder of Coinfirm, Pawel Kuskowski says:

"We're extremely proud and excited to be working with PKO BP on further bringing Blockchain into major players and financial institutions. With Trudatum we couldn't ask for a better partner to begin with in the financial industry... We look forward to helping them plant their flag as a global leader in Blockchain adoption among major banks."

US plans
Beyond banking, other sectors are also taking significant steps in Blockchain adoption.

Just recently, the state of Delaware passed a bill that will allow specific statutory authority for corporations in Delaware to make use of distributed ledgers or Blockchain technology (under electronic databases) for creating and maintaining corporate data.

Also, there is the announcement by the US government of its plans to hold a US Federal Blockchain Forum on July 18, 2017, to be hosted by the General Services Administration and the State Department. The forum was created for the purpose of creating a six-month plan on how to bring government agencies to collaborate in the creation of more Blockchain technology-related initiatives.

Blockchain solutions come with the promise of simplifying, reducing costs, improving efficiency and optimizing the security of data related processes.

PKO BP’s adoption of Trudatum marks the entry of another big traditional player into the Blockchain ecosystem.