Decentralized Distributed Ledger - Why is Blockchain Secure?

What is decentralized distributed ledger

  • A distributed ledger, in its most basic form, is a database that each participant (or node) in a large network independently maintains and updates.
  • There are many different ledgers, such as Hashgraph, DAG, Blockchain, Holochain, Tempo and Tangle. Blockchain is the most widely used distributed ledger.
  • The widespread use of blockchain technology as the underlying platform for most forms of crypto began in 2008, when an innovative use of blockchain enabled the successful launch of Bitcoin. Many people think of blockchain and cryptocurrency as synonymous, when in fact blockchain technology has a wide variety of applications outside of powering crypto.
  • Blockchain is a digital, append-only ledger that can be used to track or record almost any type of asset, from goods and services to patents, smart contracts, and more. 
  • It is transparent, meaning the transactions on a public blockchain are accessible to anyone. Unlike a physical system of record keeping, the record of transactions is designed to be permanent and immutable.


Why is Blockchain Secure?

  • A blockchain runs on a decentralized network of computers, which allows for peer-to-peer confirmation that can drive faster, more secure transactions. 
  • The self-governing nature of blockchain makes fraud and duplication far more difficult compared with traditional record-keeping systems.
  • The unique advantages of blockchain has enabled the growth of cryptocurrencies worldwide. Many other industries are now utilizing and exploring blockchain for uses outside of crypto currency, as well.


Advantages of blockchain include:


       - Speed

       - Security

       - Transparency 

       - Automation


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