Public blockchain ledgers
Public blockchain ledgers are decentralized databases that record transactions across a network of computers. Unlike traditional centralized ledgers maintained by a single entity, public blockchain ledgers are distributed among many participants, providing transparency, security, and immutability.
In a public blockchain ledger, each transaction is verified by network nodes through a consensus mechanism, such as proof of work or proof of stake. Once verified, transactions are grouped into blocks and added to the blockchain in a sequential and irreversible manner.
One of the key features of public blockchain ledgers is transparency. Anyone with access to the internet can view the entire transaction history stored on the blockchain. This transparency fosters trust and accountability, as users can independently verify transactions without relying on intermediaries.
Moreover, public blockchain ledgers offer high levels of security through cryptographic techniques. Each transaction is cryptographically linked to the previous one, creating a chain of blocks that cannot be altered without consensus from the network participants. This immutability ensures that once a transaction is recorded on the blockchain, it cannot be tampered with or deleted.
Overall, public blockchain ledgers revolutionize the way we record and verify transactions, offering a decentralized, transparent, and secure alternative to traditional centralized systems. They find applications in various industries, including finance, supply chain management, healthcare, and more, driving innovation and transforming business processes.
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