Ledger in crypto refers to a record of transactions contained in the blockchain without being manipulated by a third party. Dealing investors will be able to see a list of transactions that took place for each of their crypto assets.
When an individual makes a transaction in the blockchain, the transaction will be recorded in the blockchain ledger along with relevant information such as the time of the transaction, the amount sent, the address of the sender and receiver, and the current number of network confirmations.
In the meantime, ensure the privacy of customer identity, transactions and money records are safe and can avoid all types of fraud, such as the threat of hackers.
This is because, the difficult process required by the hacker to produce something beyond the computing power to make changes in the blockchain for his own benefit.
Public ledger was introduced to separate card payments. It is understood that the identity or record of the card's money will not be kept secret when making payments using the card.
Users also need a third person when making a transaction, that is, the bank will check the identity and balance of the user's card first before being able to proceed with the purchase.
On the other hand, the public ledger completely eliminates the issue. The public ledger will be compiled into a long chain of information blocks. The processing of money transactions in the block also does not depend on any additional medium such as a bank.
When buyers and sellers engage in transactions, the blockchain will verify the authenticity of their accounts. This is done with the use of a public ledger that will check if the funds are available to proceed with the transaction.
However, if the funds are not available in the buyer's account, then the sale will be blocked and the purchase will be impossible.
In addition, the public ledger verifies transactions through miners. In this context, miners are referred to as computers. The computer will be directly linked to the network and will always check whether the transaction made is valid or not.
Every user who makes a transaction using the ledger will be done in a highly cryptographic way and will send it to the computer.
Accordingly, the computer (miners) will get a number of transactions that can be assembled into a block, this block then undergoes a mathematical process for verification.
In conclusion, the public ledger is the backbone of the blockchain that will make the new technology unique and have potential for the future.
Its decentralized, transparent, secure and reliable features make many individuals more comfortable making transactions or payments through the public ledger.
