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KDPW and KIR Sign a Co-operation Agreement to Support the Development of the Polish Financial Innovation Ecosystem Using Distributed Ledger Technology

KDPW (Krajowy Depozyt Papierów Wartościowych, Central Securities Depository of Poland) and KIR (Krajowa Izba Rozliczeniowa, National Clearing House) have signed a strategic co-operation agreement to support the development of the Polish financial innovation sector with a special emphasis on fintechs. The parties will develop a sandbox (test environment) where KIR and KDPW will implement projects using distributed ledger technology (blockchain).

Under the agreement, the parties will open co-operation aiming to intensify the digitisation of the payment and financial services markets using distributed ledger technology and implement innovative technologies with regulatory and supervisory applications.

KIR is a technology hub and creator of innovative tools which support the development of broadly understood digital economy. It provides the IT infrastructure necessary to implement advanced projects at the interface of the financial services sector and regulatory and supervisory authorities.

- The agreement with KIR opens the opportunity to develop infrastructure underlying a single, secure and trusted system dedicated to collaboration in the segment of innovative state-of-the-art financial services. It will provide a boost to the development of the entire financial sector and other sectors of the economy, said Maciej Trybuchowski, President of KDPW.

KDPW has developed a blockchain platform for the capital market which supports as of 1 July 2019 the preparation and distribution to issuers of lists of persons eligible to participate in general meetings. The platform also offers the eVoting application which supports remote voting at general meetings.

- Blockchain has more and more applications around the world. It is a tool of tomorrow, which is used today to build a future economy. Blockchain has already seen pioneering implementations in the financial sector in Poland. At the same time, we see much potential for distributed ledger technology applications in the public administration, said Piotr Alicki, President of KIR.

Blockchain is a distributed database which contains incremental information grouped in blocks and interlinked so each next block is marked with a timestamp and a link to the previous block and includes a cryptographic hash of its content. This prevents unauthorised alterations of stored documents. The technology provides trusted data structures which are applied in digital services to significantly improve customer security and satisfaction.