Notes

Distributed ledger
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In a distributed ledger, each block stores a cryptographic hash of its predecessor (except for the genesis block) and the transactions that derive from it. This allows each block to be verified easily, and for the transaction to be validated as long as enough of the blocks are available. Most people think of a distributed ledger as a database, where each computer only stores one copy of it, much like a database server. The complete database is stored on multiple computers in a distributed fashion, so that each computer holds a part of the whole. A blockchain-based financial network is distributed in a similar way, since all nodes hold parts of the ledger. The blockchain also allows arbitrary data elements to be easily recorded and validated: it is said to be pseudo-anonymous[citation needed] since it is not subject to the same regulatory concerns as conventional banking records.,, 221  As such it is ideal for real-time transactions such as auctions and stock exchanges: the publication of stock prices on stock exchanges is a good example of this use. Distributed ledgers are typically not centralized and may, for example, be stored "distributedly" on thousands of servers, though each server may have a copy.: ch.


Distributed crypto-technology

The benefits of an immutable and secure database are not limited to payments and transactions: a distributed ledger can also be used to enforce the terms of a contract. Since it is not linked to any particular country and cannot be centrally controlled by a party, a distributed ledger-based system is impervious to censorship. In addition, distributed ledgers enable trust in transactions to be built on multiple sources and verifiers, rather than relying on a single source, which may be trustworthy but may also be untrusted. Blockchain-based voting also uses distributed ledgers, with trust in the participants being built on reputation systems rather than a centralized authority. As distributed ledgers do not have a single controlling authority, they can be programmed to have the characteristics of a true distributed autonomous organization rather than a centralized one, known as a DAO.


Viewing the blockchain

There are many ways to view the bitcoin blockchain,[22]: 81–84. Most blockchains are a consensus-based network and can be viewed as a distributed database. The graph of blockchains can be visualized using the application-layer protocol for viewing virtual machine images:[22]: 85–90 An example of a block explorer is BlockExplorer.
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