The Commonwealth Bank of Australia in Sydney presented a ‘model’ blockchain built in its Innovation Lab to demonstrate to the public the potential of the technology. 

According to Financial Review, “CBA has put together five 1-gigabyte computer boxes and loaded them up with ledgers and keys. Each of the five computers represents a "node" in the dummy blockchain. It is each of these computers – rather than a trusted central party – that will validate transactions.” The CBA’s IT team worked on the coding for two weeks.

CBA and the Coalition of Automated Legal Applications (COALA), a research group uniting cryptography academics, announced a week-long blockchain conference in Sydney starting from Monday, 7 December. The event includes open Sydney Blockchain Workshops on 10-11 December. Conference will bring together regulators, academics, leading blockchain developers and technologists from all over the world. On Wednesday, a private meeting with government officials will be held.

As Coinfox reported earlier, in September 2015 CBA joined blockchain research project R3, becoming the ninth of the world's investment giants openly supporting the distributed ledger technology. R3 is aimed at developing industry standards and protocols for using blockchain in banking.

Anna Lavinskaya