Warsaw-based Polish bank Alior Bank is using the blockchain of the second-largest cryptocurrency by market cap to verify the authenticity of the documents it issues, Forbes reported yesterday.
The bank has just added a new feature that allows its clients to verify the authenticity and integrity of the documents it issues with the help of ethereum's blockchain.
When clients receive a document, they also receive a link they can follow to check all information about the issuance of the document on ethereum's blockchain. Since it is a public blockchain, the information provided is true and cannot be modified by anyone, not even by the bank.
The bank has decided to implement this new functionality to comply with the country's law after the Office of Competition and Consumer Protection ruled in 2017 that banks must provide their clients with documents in a durable medium. Websites are not suitable for this purpose due to their changing nature, which is why the bank has been forced to develop this new feature.
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