Fintech Firm Billion Seals $2.1 Mln European Commission Grant for Blockchain System

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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.Billon’s system, dubbed B4TDM (Blockchain for Trusted Document Management), is reportedly a proprietary blockchain-powered solution for storing, signing and sharing digitized documents.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…

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