With a $10 payment, NAB starts to unlock blockchain

NAB says it has successfully transferred $10 across the world using blockchain – the algorithmic technology that underpins cryptocurrencies such as bitcoin.

The transfer, from one employee’s account to another account in Canada, took 10 seconds to process and has been described as a “proof of concept” by the bank.

It is now using the test to pursue partnerships with Israel’s Bank Leumi and the Canadian Imperial Bank of Commerce (CIBC) to develop the technology further.

Read the article by Georgia Wilkins in the Sydney Morning Herald.