USAA has a team researching the potential of the blockchain, an open ledger of a digital currencys transactions. The blockchain ledger is accessible to all users of bitcoin, a virtual currency created through a computer mining process that uses millions of calculations. Bitcoin has no ties to a central bank and is viewed as an alternative to paying for goods and services with credit cards.
Representatives say USAA has no plans to dabble in the Bitcoin as a currency. Its foray into the blockchain reflects a trend among banking institutions trying to integrate Bitcoin technology into their systems.
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