Term
Distributed Ledger
Abbreviation
Definition
A Distributed Ledger is a database held and updated independently by each participant (or node) in a large network. Records are not communicated to various nodes by a central authority, but are instead independently constructed and held by every node. That is, every single node on the network processes every transaction, coming to its own conclusions and then voting on those conclusions to make certain the majority agree with the conclusions. Once there is this consensus, the distributed ledger has been updated, and all nodes maintain their own identical copy of the ledger.
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