Commonwealth Bank of Australia seeks to lead the development and application of blockchain technology

Bitcoin House News , November 20 , CoinDesk reported that next month, the Commonwealth Bank of Australia will hold a two-day blockchain conference in Sydney , the theme of which is to explore the technical potential of blockchain .

According to a report in Computerworld, the bank has recently partnered with distributed ledger startup R3CEV and Ripple Labs to create an international research organization Coala and host a series of international conferences.

David Whiteing, Chief Information Officer ( CIO ) of Commonwealth Bank of Australia, said:

“ Blockchain has the potential to transform banking in the same way that the internet transformed how we buy music and watch movies … It’s an exciting time for the development of this technology and our involvement means that Bank of Australia will be at the forefront of this in Australia, for the benefit of our customers. ”

The seminar will explore blockchain technology, regulatory issues and its potential in China.

Speakers include Joi Ito , director of the MIT Media Lab, and Lawrence Lessig , professor of law at Harvard Law School , who will explore the role universities play in fostering innovation.

A string of bitcoin businesses have had their bank accounts closed after the Australian Competition and Consumer Commission (ACCC) reportedly confirmed it was investigating the banks’ practices.