Commonwealth Bank of Australia builds a blockchain in its innovation lab

A team of Commonwealth Bank of Australia computer engineers have built a working blockchain in its Innovation Lab in Darling Harbour.

CBA put together five 1 GB computer boxes and loaded them up with ledgers and keys. Each computer represents a node in the dummy blockchain and would host a distributed ledger to validate transactions.

This week, CBA customers, regulators and bank employees will be able to see for themselves how the blockchain works in practice.

The Commonwealth Bank of Australia is an Australian multinational bank with businesses across New Zealand, Fiji, Asia, USA and the UK.