The Bank of Tokyo-Mitsubishi (MUFG) has made its own digital currency. Currently only used for internal transactions, it's being considered for public release, which would make MUFG the first major bank to issue virtual money – a milestone in the creation of a truly cashless society.

Blockchain, the digital scaffolding behind cryptocurrency bitcoin, has hit critical mass and is being taken seriously by major conglomerates and governments alike. Canvas8 spoke to technology strategist Paul Armstrong to understand how it might make an impact beyond the financial world.

For many major banks, cryptocurrencies used to represent a financial experiment in its infancy. Now, they've become too lucrative to ignore. With trust in traditional institutions low, some banks are hoping that digital innovations will rebuild confidence and increase efficiency.

Rumbles of dissent against corrupt and disappointing governments are being heard worldwide. Through blockchain tech, Bitnation is creating a system of banking and governance that runs without any central authority. Can it offer a real alternative to the traditional nation state?