Microsoft, Bank of America Announce Blockchain Collaboration
Microsoft and Bank of America Merrill Lynch are collaborating on a new pilot project aimed at automating trade finance transactions using blockchain technology, the companies announced yesterday.
Blockchain is best known as the distributed database technology at the heart of cryptocurrencies like Bitcoin. It is hardened against tampering, preventing even its operators from revising or otherwise meddling with its continuously growing list of records.
In Bitcoin's case, it serves as its public ledger of transactions. Fintech (financial technology) companies and other security-conscious enterprises are keeping a close eye on the technology, hoping blockchain will usher in an era of automated, efficient and fraud-free recordkeeping and transaction systems.
