Much has been written about the bitcoin microverse over the last week. The technology that underpins bitcoin, its scalability, the roles of those tasked with development and the framework of responsibility that these roles require have dominated discussion, and a look at the bitcoin price illustrates the impact of these discussions on sentiment. At times like this it can be difficult to pull away from the debate and look at the bigger picture. Outside of the circle of individuals involved with bitcoin and its underlying technology on a daily basis, where are things headed? What is the status of the fundamental framework that underpins the current industry, and what developments are ensuring this underpinning holds firm? Let’s take this proverbial step back, and highlight a key fundamental development out of Australia that shines some much needed positive light on digital currency and the blockchain. Here goes.
So, earlier today, we got word that The Commonwealth Bank of Australia had opened a technology hub in Hong Kong. The hub comes on the back of last year’s launch of a similar (larger) hub in its commercial headquarter city Sydney, and precedes a third hub, which the bank will open later this year in London.
Why is this important to the bitcoin space? Well, the Sydney hub developed the company’s first blockchain at the end of last year. The blockchain consisted of five 1-gigabyte computer boxes and associated ledgers and keys, and set out to validate transactions in place of the bank as a demonstration of potential applications to CBA customers. In many instances, it’s ground level demonstration that’s needed to raise mainstream awareness, and this is exactly the sort of thing we need large companies (CBA is considered one of he “big four” banks in Australia) to be doing.
With the bank’s expansion of […]
