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​CSIRO joins the Bitcoin mining boom

Look out cryptocurrency enthusiasts, there's a new kid on the blockchain. And CSIRO's digital division Data61 wants to take advantage of the burgeoning technology of the future.

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CSIRO is keen to capitalise on the growth of cryptocurrencies, announcing that its digital technology branch Data61 will join forces with the Treasury to explore the potential of Bitcoin technologies.

The nine-month review will "examine the far-reaching potential and implications for both government and industry of the adoption of 'blockchain' technology."

The most famous example of blockchain technology is the cryptocurrency Bitcoin. This blockchain is a secure, decentralised database, made up of individual digital blocks that contain records of Bitcoin transactions. Each block is "mined" (or added to the chain) by individual users on the network, rather than one central authority (like a bank).

But while Bitcoin is slowly becoming more mainstream in digital circles, Data61 is looking to the next applications of blockchain technology, from the financial sector to Government services, and what Australia needs to do to become a "global leader" in the world of blockchain technology.