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Bitcoin technology could ‘transform’ public sector

The technology behind Bitcoins could reduce fraud, error and administration within government, according to the UK government chief scientific adviser Mark Walport.

A report from the Government Office for Science, published on 19 January, sets out the potential uses of an encryption technology called distributed ledgers that was first developed for the digital currency Bitcoin in 2008.

The report says that the technology would allow more secure and accurate sharing of information about electronic, physical and financial assets. It could also help the government to reduce fraud, error and costly paper-intensive processes and has the potential to provide new ways of tracking ownership of goods and intellectual property, the report says.

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