Bitcoin technology may transform banking sector

New York

THE technology that drives the shadowy cryptocurrency bitcoin is drawing interest from the established banking industry, which sees a potential to revolutionise the sector.

Although bitcoin and related virtual currencies are limited to a small set of transactions and are often associated with the underground economy, the so-called blockchain technology is gaining currency in the financial world. A blockchain is essentially a shared, encrypted "ledger" that cannot be manipulated, offering promise for secure transactions that allow anyone to get an accurate accounting of money, property or other assets.