Canada, Sweden open arms to bitcoin’s blockchain technology

Blockchain’s fan base has just gotten bigger.

Two more countries are set to adopt the technology that supports the popular digital currency bitcoin into their own banking systems, albeit with different goals.

The Bank of Canada announced last week that it is testing how the blockchain technology can be used for interbank payments. But the Canadian central bank stressed that “it has no plans” to come up with a digitized version of the Canadian dollar.

Blockchain, as we all know, makes use of cryptography to create a distributed ledger system to hold and spend money in a more open, transparent and flexible manner compared to the traditional bank or credit card companies.