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Blockchain Ledger

A blockchain is a distributed ledger where the details of transactions are recorded after validation. The general accounting system or ledger today, most commonly known as “double entry ledger” records each transaction in the ledger with two different entries/account: a debit and a credit. The bitcoin ledger – also known as a “triple entry ledger” – adds a third component: the bitcoin network. Blockchain and Ethereum are two examples of open (anyone can participate without barriers), permissionless (anyone can access the entire blockchain without any permission), censorship resistant (the network is agnostic and neutral regarding the participants and the transactions that are being recorded), immutable or tamper-proof (no changes can be made after the transactions have been verified), and distributed. This last point, “distributed”, means that rather than a centralized authority maintaining a single copy of the entire ledger, anyone with an internet connection can maintain a full copy of the ledger on their computers, being able to verify the status of the network and the authenticity of the transactions).

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