Polish-British fintech firm Billon has reportedly sealed an almost €2 million (~$2.1 million) grant from European Commission’s Small and Medium-Sized Enterprises (SME) Instrument program to develop a blockchain document management system. The news was reported by Billion in a press release on May 14.
The Commission’s SME Instrument program provides funding for innovation projects which are close-to-market, and has reportedly awarded Billon a grant under Phase 2 of the program — which provides enterprises with up to 70% of the costs of their proposed project.
The system reportedly both digitizes documentation and provides encryption and customizable access control rights. Billon is said to have estimated that the blockchain implementation can help firms cut management costs by close to 50%.
In a statement, Billon Group CEO Wojtek Kostrzewa underscored B4TDM’s potential efficiency gains and enhancement of regulatory compliance, noting that the system will aim to protect:
“Document identity content, and to provide control over data they choose to share or delete. With the funding […] Billon will fulfill MIFiD2 and GDPR requirements with innovation that puts a customer in control of their own data and documents.”
Kostrzewa’s reference to the General Data Protection Regulation (GDPR) — a landmark European Union-wide legal framework for personal data privacy — points to the specific regulatory context within which Billion has been developing its blockchain solution.
Kostrzewa further referred to the Markets in Financial Instruments Directive II (MiFID 2) — introduced as a part of the EU’s January 2018 financial reforms — which enacts stricter transparency requirements to combat money laundering and terrorist financing.
Billon’s approach to tackling GDPR compliance is reportedly to design its system so that enterprises will be able to delete access to data at a customer’s request to be forgotten.
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