A secure and durable medium

WBJ talked to Robert Kałuża, COO & Founder, Billon, at the BlockchainTech conference organized by MMC Polska in April to discuss the possible uses and opportunities of blockchain in industry

WBJ: What are the biggest advantages that the blockchain technology offers?

Robert Kałuża: Any picture, PDF document or passport can be saved in an efficient blockchain network. Data is saved in so-called blocks connected by mathematic formulas, thus creating a chain, with each element immutably connected to the others by control sums, which ensures that the data cannot be changed. No attempt to replace a block or to falsify data is possible, because once a fragment of the chain is saved, it cannot be overwritten. This opens up tremendous possibilities.

In the near future, everyone will be given a single place on the internet where they will be able to check price lists or terms of an agreement, without any fear that the details could have been altered without their consent. Until now, we haven’t been able to overcome the barriers created by hermetically separated central databases. A democratic, blockchain-based internet guarantees each user’s privacy. Document storage, tax settlements and land registers are just some of the most basic uses.

What can blockchain technology be used for?

Blockchain has a lot of applications in every area that deals with processing information, particularly sensitive data. The insurance industry is a perfect example where this technology can be used to register and verify contracts and claims, increasing security by eliminating the risk of multiple claims for the same damages. Blockchain also enables automatic payments of damages by using so-called smart contracts – legal processes transferred into the digital world, entirely automated without the need for an intermediary, e.g. a notary public. It also helps insurers implement the Insurance Distribution Directive. By using blockchain technology to save documents that are made available to their clients, insurers fulfill the definition of a “durable medium.”

Other than securing documents and payments, where can blockchain find widespread application?

Energy companies can also use blockchain to sell energy, measure consumption, for invoicing and settlements, as well as for processing emission rights and renewable energy certificates. In cooperation with Microsoft and PGNiG, we have launched a project aimed at creating a blockchain-based platform for individual clients that will facilitate gas and energy sales as well as handling payments in electromobility systems.

Healthcare is another sector that can benefit from blockchain as it ensures patients’ sensitive personal data and medical histories are safe and secure. The technology will allow for secure data storage and facilitate feeding it directly into specialist medical equipment.

 

Robert Kałuża

COO & Founder

Billon

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