In this new age of enterprise, What is a digital ledger and how does it work? It is a new technology that enables organizations and individuals to track records and transactions in an tamper free manner. It is very essential for every organization since it gives a transparent and secure record of everything that is done in the organisation. It can be accessed from any computer and it can be shared or printed on demand. This led to a revolution in terms of sharing documents and information throughout the world, making what is a digital ledger a must in today’s era.
According to Thematic Research survey, the interest forchains has significantly declined by nearly 20% over the past years when compared to the previous year. The main reason being many companies are preferring to adopt traditional methods for their initial stage ventures instead of going with the new technologies like Blockchains. A large number of companies are currently operating their business in the traditional way with the help of a ledger. However, as time passes, it has been noticed that the business houses are slowly moving towards the new systems. In order to understand what is a Blockchain, it is necessary to analyse the working process of this revolutionary technology. Basically, it is a system that has managed to change the ledger system in a block chain format, which is quite dissimilar to the traditional ledger system.
What is a digital ledger and how does it work? The work of a traditional ledger system starts from recording the financial transactions in the form of data. The transactions are then categorised into different groups such as sales, expenses, and checks and these are further classified into blocks, which are stored in a ledger file. As time passes, the number of blocks increase, thereby creating a chain. But unlike in the traditional digital ledgers, the transactions in the new form of a block chain do not depend on the discretion of a single administrator, but the decision is entirely made by every user in a network.