In late April, blockchain evangelist Blythe Masters told a crowdin the London Docklands that banks could solve many of theirproblems if they embraced the transaction-processingtechnology.
The former JPMorgan Chase & Co. executive could alsohave been talking about SWIFT, which hosted the conference. Themessaging system for transfers between banks was facing a crisisthat had been bubbling under the surface for months. Hackers have exploited the SWIFT system to steal US$81 millionfrom Bangladesh's central bank, and may have infiltrated as many as12 banks.
The blockchain technology Masters was talking about is adistributed, encrypted system of transferring money. It's thearchitecture behind bitcoin and is seen as the truly transformative aspect of thedigital asset. While it doesn't offer protection against stolencredentials, blockchain is probably a better-defended record thanexisting systems.
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