“The secret to Bitcoin’s rampant success is the ‘block chain’ – a secure digital ledger that tracks coins across the internet. It records every single transaction of the currency, and those transactions are then mathematicallyverified by the computers of Bitcoin users around the world. Anyone who holds bitcoins also has an exact copy of the block chain, making it virtually impossible to create a forgery. This eliminates the need for trusted third parties, like PayPal and Visa, to take part in financial transactions.  Now the block chain is being applied beyond the movement of money using a technique called ‘colouring’ bitcoins. It has the potential to transform commerce.”

http://www.newscientist.com/article/dn24620-bitcoin-moves-beyond-mere-money.html

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