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Analyzing Market
Glossary

Ledger

A ledger is a record of transactions and balances. In crypto it refers to the blockchain itself — the running history of every transaction the network has agreed on.

How it works

Rather than living in one institution’s database, a blockchain ledger is distributed: copies are held and kept in sync across many independent nodes through a consensus mechanism. New transactions are grouped into blocks and appended in order, and once confirmed they become a permanent part of the shared record that anyone can inspect. Public chains let anyone read and write to this ledger, while permissioned ledgers restrict who can participate.

Why it matters

The shared, append-only ledger is what lets strangers agree on who owns what without a trusted middleman. Its transparency and tamper-resistance are the foundation of how cryptocurrencies work.

Example

Checking a coin’s transaction on a block explorer is simply reading an entry in its public ledger.

Ledger: Frequently Asked Questions

How is a blockchain ledger different from a bank's database?
A bank's ledger lives inside one institution that controls and can alter it. A blockchain ledger is copied across many independent nodes and kept in sync by consensus, with no single owner. New entries are appended in order and become permanent once confirmed, and on public chains anyone can inspect the full history rather than trusting one company's records.
Can entries in a blockchain ledger be changed or deleted?
Once a transaction is confirmed and built upon by later blocks, it becomes a permanent part of the shared, append-only record. Rewriting it would require overpowering the network's consensus, which is impractical on a large chain. This tamper-resistance is a core feature, though it also means mistaken or fraudulent transactions generally cannot simply be reversed.
What is the difference between a public and a permissioned ledger?
A public ledger lets anyone read it and submit transactions, with no gatekeeper controlling participation, which is how most cryptocurrencies operate. A permissioned ledger restricts who can validate or sometimes even view it, typically among approved organizations. Public ledgers maximize transparency and openness, while permissioned ones trade some of that for control and privacy in business settings.
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