wiredmikey quotes a report from SecurityWeek: Microsoft and Bank of America Merrill Lynch said they are working together to make financial transactions more efficient with blockchain technology -- the foundation of bitcoin digital currency. Blockchains are considered tamper-proof registers in which entries are time-stamped and linked to previous "blocks" in a data chain. As expected, the technology that drives the shadowy bitcoin cryptocurrency is drawing interest from the established banking industry, which sees a potential to revolutionize the sector. The companies said they will build and test frameworks for blockchain-powered exchanges between businesses and their customers and banks. Microsoft plans to use its Azure cloud service platform to enable blockchain transactions between a major corporate treasury and a financial institution. "Blockchains serve as public ledgers considered easy to audit and verify. They are also automated, speeding up transactions and limiting potential for error or revision," the report adds. The companies said that by using blockchain technology, they can digitalize and automate trade finance processes, which are traditionally highly manual, time-consuming and costly.