Australian banks to introduce blockchain-based payments
Banks will begin introducing blockchain technology to their payments platforms to make them more secure, more efficient and more flexible, according to a banking industry association.
The Australian Payments Association (APA) will present a draft of a whitepaper on blockchain technology in Sydney on Wednesday.
Blockchain, which is a blockchain, is a digital ledger that records transactions without a central authority.
It is used to make payments online, including in bank accounts.
The APA said it was the first time it had received such a document.
APA’s chairperson, Mike McBride, said: “Blockchain technology can provide the foundation for better payments, particularly for people who use it to send remittances to friends and family.”
It can also help to secure payments to businesses that don’t want to use traditional financial institutions, as well as to those who don’t have the means to use a traditional financial institution.
“Banks have previously experimented with blockchain technology, but have found that it is complex and hard to use.
The banks have used other technology to build out payment systems, but those have required significant amounts of capital and limited their flexibility.
The aim of the whitepapers is to ensure the technology is widely used by all the banks.