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BNY Mellon to test bitcoins

Bank of New York Mellon Corp is experimenting with bitcoin and views it as a potential new way to conduct financial transactions. However, the bank is still working through the challenges of using the open source technology, whose decentralized architecture differs from the traditional computer systems. CIO of the bank Suresh Kumar has been reported by the CIO magazine as having said that the bank wants to try it out to see its applicability in its businesses. He reported to have said that he is curious how the software can be used to make financial transactions more efficient. Testing bitcoin is also consistent with BNY Mellon’s IT strategy to explore emerging open source technologies. Kumar said the bank will test bitcoins, known internally as BK Coins, as incentives for the company’s new corporate recognition program. IT managers with virtual accounts will dole them out to staff as a reward for creating certain software services. BK Coins may be redeemed for gift cards, vouchers and other perks. He may eventually expand the program to allow business managers to reward employees with BK Coins for publishing marketing articles or giving presentations.

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