Sublime

Distributing the ledgers Adding new transaction to the ledgers Deciding which ledgers represents the truth

The blockchain is also a distributed, public, time-stamped asset ledger that keeps track of every transaction ever processed on its network, allowing a user’s computer to verify the validity of each transaction such that there can never be any double-counting.

ledgers and therefore the transaction history cannot be changed once written.

An individual ledger is used for maintaining information about ownership, which is equivalent to one blockchain-data-structure storing ownership-related data. The individual ledgers are stored on the computers (nodes) of a peer-to-peer system. The blockchain-algorithm is responsible for letting the individual nodes collectively arrive at one consis

Accounts were always bound into ledgers for a similar reason: loose-leaf entries could easily be fabricated, but a ledger with numbered pages became tamper-proof.

The publishing of the public ledger is called the “block chain,” because it is a chain of published blocks of information. This innovative process—the block chain—is the foundation for what has wowed the technology community, and impresses me now that I’ve finally understood it.

the integrity of a distributed peer-to-peer system of ledgers is found in its ability to make true statements about ownership and to ensure that only the lawful owner can transfer his or her property rights to others.