posted at 18:50
Author Name: Matt Rosoff
How Bitcoin Could Change Everything, Not Just Finance
His argument starts with the block chain, the shared ledger where every Bitcoin transaction is recorded. When each transaction is validated, a new block is added to the chain, which makes future transactions even harder to compute. So programmers are starting to build things on top of the block chain that have nothing to do with digital currency. Bitcoin is like a building on top of that bedrock - it's got a foundation where programmers have defined some of the basics of how it works, then a bunch of stories on top of that where people interact with it. "The block chain is great at two fundamental things," explains Monegro. As new businesses crop up that depend on these functions, they'll benefit from turning to the Bitcoin block chain, rather than having to build a similar system from scratch. The Bitcoin block chain is different because everything underlying it is published, and there's no central controlling entity. Plus, the organizations building on top of the block chain tend to speak in utopian terms that could be a turn-off for outsiders.

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