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Blockchain & Crypto vocabulary · Blockchain Basics

Ledger

Meaning in blockchain & crypto, with examples

/ˈledʒ.ər/nounCore term

In blockchain & crypto, ledger means: A record of who owns what and of every transfer between accounts. A blockchain is a type of distributed ledger: many computers keep the same copy instead of one bank or company.

In Turkish: defter, kayıt defteri, hesap defteri

How it is used

The word comes from accounting and appears in explanations of how blockchains work: a public ledger, a shared ledger, distributed ledger technology (DLT). Banks and regulators often say DLT when they mean blockchain-like systems.

Example sentences

  1. Because the ledger is public, anyone can trace the flow of funds between addresses.

  2. The central bank is testing a distributed ledger for interbank payments.

Common collocations

  • public ledger
  • distributed ledger
  • shared ledger
  • distributed ledger technology
  • record on the ledger
  • blockchainA shared digital record of transactions that is copied across many computers. New data is added in blocks, and each block is linked to the one before it, so past records are very hard to change.
  • nodeA computer that runs the blockchain software, keeps a copy of the ledger and passes transactions and blocks on to other computers in the network.
  • immutableImpossible to change or delete once recorded. Blockchain records are called immutable because rewriting a confirmed block would require taking control of most of the network.
  • decentralizedNot controlled by one company, server or person. In a decentralized system, many independent participants share control and keep the network running together.

More terms: Blockchain Basics

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