Billon, a Polish-British fintech company, has been awarded approximately two million euros in funding from the European Commission’s SME Instrument programme, part of the Horizon 2020 framework.
The company plans to use the funds to complete the build and commercialisation of its B4TDM (Blockchain for Trusted Document Management) solution for global adoption, using a proprietary distributed ledger technology, designed to deliver the highest system performance metrics in the industry.
“Today’s document management industry has struggled with fulfilling regulatory and customer requirements related to protecting document identity content, and to provide customers with control over data they choose to share or delete. With the funding from Horizon 2020, Billon will fulfill MIFiD2 and GDPR requirements with innovation that puts a customer in control of their own data and documents,” said Wojtek Kostrzewa, CEO of Billon Group.
The award-winning technology has already been adopted by the Polish Credit Office (BIK). BIK uses an initial version of Billon’s software to provide the Polish banking sector with an electronic document platform that meets the regulatory requirements that electronic documents be stored in a durable medium. The first banks will start using the platform for contractual communication with their clients by the end of Q2 2019.
“Traditional IT companies typically store copies of documents in databases or in a cloud, and create compressed back-ups which need to be unpacked when there is a need to modify both current and backup systems. Most blockchain solutions don’t solve this problem, as they only encrypt the time-stamp and location of data, and not the data itself,” added Jacek Pikul, member of the board at Billon Digital Services.
Photo: Billon Group official Facebook page.