Distributed Ledger

A distributed ledger is a digital system for recording the transactions of assets, in which the transactions and their details are recorded in multiple places at the same time. Unlike traditional ledgers, which are maintained by a central authority, distributed ledgers are decentralized, meaning they are managed and updated by multiple participants (nodes) in the network.

Ledger

A ledger is a digital database of information. There are three types of the ledger:

• Public Ledger – it is open and transparent to all. Anyone in the blockchain network can read or write something.

• Distributed Ledger – in this ledger, all nodes have a local copy of the database. A group of nodes collectively execute the job i.e verify transactions and add blocks in the blockchain.

• Decentralized Ledger – in this ledger, no one node or group of nodes has central control. Every node participates in the execution of the job