CBA, Westpac, ANZ adopt same tech as Bitcoin

Three big banks have launched the first-ever blockchain product to be used in commercial banking in Australia.

A privately held business named Lygon made the announcement on Tuesday, showing how it implemented blockchain to create digital bank guarantees.

The company is a joint venture between Commonwealth Bank of Australia (ASX: CBA), Westpac Banking Corp (ASX: WBC), Australia and New Zealand Banking GrpLtd (ASX: ANZ), Westfield owner Scentre Group (ASX: SCG) and IBM (NYSE: IBM).

Blockchain, also referred to as a decentralised database, is a technology that “chains” together bits of data stored with individual users to form one big coherent picture. It’s the same technology that cryptocurrencies like Bitcoin, Ethereum and…