Financial institutions are looking for ways to use the accounting system behind the virtual currency bitcoin to reduce the cost of banking transactions. African banks are beginning to see the potential of blockchain, an innovative system of shared and decentralised databases that got its start with the digital currency bitcoin. Proponents point out that the lack of a centralised ledger for transactions allows for greater transparency and lower costs in all sorts of trades and other activities. Read more: www.theafricareport.com
