Microsoft has struck a deal with a group of leading banks to help develop blockchain-like technology, the U.S. technology giant said on Monday.

Blockchain is the technology that underlies the cryptocurrency bitcoin. It works like a huge, decentralized ledger for bitcoin which records every transaction and stores this information on a global network so it cannot be tampered with. Banks feel blockchain technology can be utilized in areas from remittances to securities exchanges.

Banks around the world are looking into the technology which could disrupt the processes carried out by lenders.

