Westpac warming to blockchain after successful trials with Ripple Labs
CEO of Australian bank Westpac, Brian Hartzer, has said that his bank views blockchain technology as more of an opportunity than a threat, and that the bank's trials with blockchain-company Ripple Labs have produced encouraging results.

Westpac Banking Corp chief executive Brian Hartzer describes innovative "blockchain" technology as an intriguing development that could reduce the bank's payments infrastructure costs in the future.

A blockchain system underpins cyber-currrency bitcoin and Mr Hartzer said was "more of an opportunity than a threat" for Westpac.

US regulators rejected a proposed from the Winklevoss twins for an exchange-traded fund based on bitcoin, wiping out weeks of gains. Credit: Reuters

Westpac's trials with the fintech start-up Ripple Labs, which is developing a real-time global currency settlement system based on blockchain technology, had produced encouraging results, he added.

"I am told by the people involved in it that that's a very sophisticated and advanced proof of concept," Mr Hartzer said of Ripple, which is also being trialled by Commonwealth Bank of Australia.