What is the role of a public ledger in the Bitcoin network?

1 answers

• Nov 23, 2021 · 3 years ago
  In the Bitcoin network, the public ledger, also known as the blockchain, serves as a decentralized and transparent record of all transactions. It plays a crucial role in ensuring the security and integrity of the network. Every time a transaction is made, it is added to a block, which is then added to the blockchain. This process is carried out by miners, who compete to solve complex mathematical problems in order to validate and add new blocks to the blockchain. Once a block is added, it cannot be altered or removed, making the ledger tamper-proof. This immutability ensures that transactions cannot be reversed or modified, providing a high level of security. Additionally, the public nature of the ledger allows anyone to verify the transaction history and ensure that the network is operating correctly. This transparency helps to build trust among users and prevents fraudulent activities. Overall, the public ledger is a critical component of the Bitcoin network, providing security, transparency, and trust.
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