Australia’s big banks have ‘a bit of a problem’ with blockchain

The Australian Big Five have been the most vocal proponents of the idea of blockchain technology, and it’s clear that many in the banking sector are concerned about its potential impact on their businesses.

One of those banks, the Australian Financial Services Commission (AFSC), has been trying to develop a blockchain-based framework for dealing with financial transactions.

Its report to Parliament today outlines the risks and challenges of the technology, which it calls “a bit too early to say” if blockchain can be “a viable solution”.

Here are some of the issues it has raised.