What is Decentralized Distributed Ledger?

A ledger is a Record Keeping Book. It recorded all the Economic transactions in the Organization.

Example: payments, contracts, movements of assets etc.

What is Distributed Ledger and How is it possible to decentralize it?

Ans: The Internet has revolutionized many aspects of life, society, and business.

Blockchain: The blockchain is a distributed and decentralized ledger that stores data such as transactions and that is publicly shared across all the nodes of its network. In short, a blockchain is a shared digital ledger.

Blockchain consists of collection of blocks, each block acts as a storage unit.

Data: Stored Information. Hash: Each block has a unique value with random string of character, we call it hash, since its generated form a hash function (more specifically a cryptographic hash). LastHash: Lasthash is the another metadata in the block which stores the hash value of the last block.

Linkage of the last hashes , created a chain of blocks, that is what the blockchain is.

Significance of blockchain as a ledger.

Blockchain is a distributed ledger. What makes it distributed?

Ans: A blocking ledger is distributed because the ledger itself is shared with everyone using the blockchain network.

In this network, multiple nodes or rather multiple individuals through computers are connected to the blockchain network. By connecting with the network they get the copy of the blockchain ledger. That means they’re going to get updates every time a change is made. In short, there is no central organization with the responsibility of updating the ledger. Blockchain placed the idea of decentralization where anyone can change the ledger and update over the blockchain network. There is no center point to access or update the ledger.

In Decentralization model you don’t have to rely on central organization.

Decentralization model is trustless model which means you don’t have to place your trust in one central authority, rather you trusting the very decentralized model itself.

Why we are using blockchain? Because Blockchain is fair, democratized and completely public and thanx for the nature of decentralized system. The blockchain is also highly secure, there is no one center point of failure.

Okay! All this related to the concept of cryptocurrency. A cryptocurrency is the primary use case for a blockchain. Blockchain is one piece of cryptocurrency technology. wait what is cryptocurrency? and what is cryptocurrency technology?

Stay tuned…. and Thanx for Reading