Polish-British FinTech firm Billon Digital Services has received almost €2 million ($2.1M USD) in funding from the European Commission’s SME Instrument program, part of the Horizon 2020 framework program.
Billon Digital Services, a fully owned subsidiary of blockchain firm Billon Group, was created to develop trusted document management solutions on the Billon distributed ledger technology (DLT) system, and to manage compliance around customer data management. It implements its DLT system in the Polish banking sector together with the Polish credit office, BIK.
Billon said that the funds will be used to complete the development and commercialization of a solution, called Blockchain for Trusted Document Management (B4TD), to store, sign, and share electronic documents on a new, high-performance distributed ledger. The solution will reportedly will go beyond simply transforming paper documents to electronic format, and will encrypt and help manage access control rights. It is also compliant with EU regulations, including GDPR.
“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,” said Wojtek Kostrzewa, CEO of Billon Group. “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.”
According to initial system tests, the solution has the ability to publish roughly 5 million documents on blockchain daily. Billon believes this KPI will likely be exceeded during further development.
“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,” said Jacek Pikul, member of the board at Billon Digital Services. “Most blockchain solutions don’t solve this problem, as they only encrypt the time-stamp and location of data, and not the data itself.”
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