Bitcoin's 'blockchain' tech may transform banking

 The technology that drives the shadowy cryptocurrency bitcoin is drawing interest from the established banking industry, which sees a potential to revolutionize the sector. Although bitcoin and related virtual currencies are limited to a small set of transactions and are often associated with the underground economy, the so-called blockchain technology is gaining currency in the financial world. A blockchain is essentially a shared, encrypted "ledger" that cannot be manipulated, offering promise for secure transactions that allow anyone to get an accurate accounting of money, property or other assets. "The blockchain, which is the technology behind the encryption and e-certification, that is a technology which might very well be very useful," said Jamie Dimon, chairman and chief executive of JPMorgan Chase at a conference earlier this year. Leah Gerstner, a vice president for public affairs at American Express, said the financial group made its first investment in a digital currency company called Abra "as a way to get a better understanding of blockchain technology and explore its potential." Gerstner told AFP that "we believe blockchain technology is playing an important role."