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A blockchain ledger, also referred to as a distributed database, keeps track of all transactions that have been made on a Blockchain’s network. To settle a transaction, the participants in the Blockchain network must verify it. This way, a consensus is reached between the current owner and the next owner of a given digital asset. However, if no majority is reached, the transaction will not be verified, and therefore, will not be allowed to take place. The basic purpose of using a blockchain ledger instead of a normal database is to protect the network from adversaries. A blockchain ledger does not rely on a single entity to verify transactions but rather on multiple entities. This feature is what gives Bitcoin and other cryptocurrencies the qualities of censorship resistant and permissionless.

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Written by

Stefan Thume

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