Abstract: An electronic locking system including a lock cylinder having an electronically actuable release assembly which is selectively enabled to disengage a pin from a cylinder plug, to permit the rotation of the plug by an inserted key. The lock cylinder and key each contain non-volatile, electronically alterable memory devices, such as EEPROM integrated circuits, which house keying system codes. The key EEPROM is preferably housed within the key blade, in a key design which closely resembles a traditional mechanical key without the usual bitting. The release mechanism incorporates a locking pin which is moveable between plug-engaging and non-engaging positions, along a radius of the lock cylinder. The release mechanism may include a primary actuator which directly moves the locking pin, or may act indirectly upon the locking pin via a latching member.