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Business

Why blockchain must evolve for Asia

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Singapore's DBS Bank helped with blockchain technology designed to improve the security of trade finance invoicing.   © Reuters

Blockchain, the technology that underpins the bitcoin digital currency and allows a ledger of financial transactions to be shared among a network of computers, is a potentially ground-breaking innovation that could transform the cost structure of the financial services industry.

Financial institutions across Asia are considering more use of blockchain technology for a variety of platforms. For example, Sumitomo Mitsui Banking Corp. partnered with Japan's National Institute of Informatics in December 2015 to conduct joint research on blockchain technology for financial businesses as part of an academic-industrial alliance. 

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