CIB plans to implement blockchain technology within the bank over the coming three years, said CEO of Retail Banking Ahmed Issa on Monday, according to Al Mal. Speaking at the African Securities Exchange Association’s meeting in Cairo, Issa said the move towards blockchain — a digital record which underpins cryptocurrencies such as Bitcoin and Ethereum — will demand the bank revamp its infrastructure. Adopting the blockchain strategy comes as the country looks to expand online banking, Issa added. CIB Chairman Hisham Ezz Al Arab had extolled the importance of blockchain technology last month at the Yahoo Finance All Market Summit, saying that “blockchain technology … will change the face of the world” as it develops over the coming years. For more on how blockchain and cryptocurrencies have been used in the corporate world other than as a payment method, you can check out this explainer we noted last summer. Also worth reading: A Complete Beginner's Guide To Blockchain by a Forbes (ugh) contributor and IBM’s Blockchain basics: Introduction to distributed ledgers.

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