The Origins of Public Ledgers
Since the dawn of civilization, humankind has progressively improved communication through language and written words while simultaneously developing a common number system to keep records of various transactions, and price fluctuations for public consumption. The term ‘public ledger’ derives from the traditional method of record-keeping used to keep track of information such as news and analysis, as well as prices for agricultural commodities. This public ledger was accessible to the general public in the form of clay tablets, for verification and inspection purposes. These tablets provided incremental arithmetic calculations and totals, which were verified for accuracy by a high-ranking official before being stamped and sealed.
Calculation of how much barley meal and malt were needed to fill an order for several types of beer. Shows on the reverse side the calculations to reach the total requirement of meal and malt from the different quantities of each beer. Source: CDLI UCLA
In contrast to the human record-keeping system used from ancient origins to the present, transactions can now be openly documented and verified on the blockchain thanks to advancements in cryptographic technology.
Public Ledgers for Cryptocurrencies
Unlike physical public ledgers that can be easily tampered with in today’s financial system, the blockchain can be used as a form of an immutable system of record. A series of blocks containing transaction details which are recorded after it is verified and authenticated by designated network participants are added to a chain of blocks, known as the blockchain.
As soon as a cryptocurrency is created and launched, all confirmed transactions are recorded and stored on a blockchain’s public ledger. New blocks are mined and added to the blockchain by the participants in the network, known as miners, as each block is filled with transactional details.
On private machines that are connected to the cryptocurrency network, a select group of network participants, known as full nodes, keep a copy of the entire ledger. The public ledger is dispersed globally based on participant interest, as members continuously connect and contribute to blockchain network activities, maintaining its agility and functionality.
Consensus algorithms, encryption, and incentive mechanisms, among other internal components of the public ledger, work together to safeguard participants’ identities and ensure that only legitimate transactions are carried out on the network.
Designed for Scalability, Catered to Your Convenience
Since the blockchain’s protocol requires the recording of each and every transaction that has ever taken place on the network, it becomes difficult to maintain this extensive detailed history, while scaling the capacity to handle the increasing volume of transactions.
Sequence, a Ledger-as-a-Service provided by Chain, operates on a permissioned blockchain network, exclusive only to an organization and its appointed members. Designed specifically for developers, technical teams and leaders have the ability to have full control and access over their ledger technology.
Sequence offers exceptional developer and operator experiences in addition to tamper-proof security. By utilizing this ledger software, Sequence frees up modern software teams from having to build and maintain ledger infrastructure, so they can concentrate on releasing and scaling their products. This is accomplished by fusing the SaaS model’s simplicity with the security of a cryptographic transaction signature. Each Sequence ledger is an append-only, immutable data structure.
While ledgers are managed as a service, all transactions must be signed with the appropriate keys. The users, services, or organizations in charge of particular assets, accounts, and functionality hold these keys in secure enclaves under their control. Sequence is incapable of accessing them.
This cryptographically-secure blockchain service allows users in financial and commercial industries to manage their organization’s balances and records seamlessly. Businesses can demo the service for free for the first 500,000 transactions, with access to clean analytics and tailored reports, and take advantage of Sequence’s secure full-stack blockchain ledger architecture. By adding new transaction flows, balance types, and entities to the ledger, Sequence is adaptable to business demands and is available in several programming languages. Smart contracts can let businesses build specialized applications that are suited to their unique needs.
Why Are Leading Brands Choosing Sequence for their Ledger Needs?
Major financial institutions have implemented Sequence, including Citigroup, which used the system to connect Citigroup’s commercial payment services to Nasdaq’s blockchain platform. Transactions including the purchase and sale of private company shares were carried out via the decentralized ledger service. As large industry players enter the blockchain sector, many feel challenged by the high learning curve that comes with implementing this new technology. Industry leaders rarely acknowledge that they lack the necessary skills to manage emerging technologies, especially when those technologies will be the engine that propels these sectors forward.
As a growing number of users enter the blockchain market, big industries need to be equipped with the resources necessary to manage cryptocurrency transactions for their customers. Services such as Sequence can handle any organization big or small, and can even be leveraged in an initial product launch for firms looking to gauge their success in the blockchain space. Traditional industries can benefit from implementing a secure and encrypted platform that collects user data and records transactions for businesses.
For business leaders seeking to steer their team in the right direction; Sequence is the missing component needed to expand. Sequence provides businesses with every ingredient they need to scale: unlimited user support, modern UX/UI, immutable ledgers, and most importantly, efficient and tamper-proof record-keeping technology.
Chain is a blockchain infrastructure solution company that has been on a mission to enable a smarter and more connected economy since 2014. Chain offers builders in the Web3 industry services that help streamline the process of developing, and maintaining their blockchain infrastructures. Chain implements a SaaS model for its products that addresses the complexities of overall blockchain management. Chain offers a variety of products such as Ledger, Cloud, and NFTs as a service. Companies who choose to utilize Chain’s services will be able to free up resources for developers and cut costs so that clients can focus on their own products and customer experience. Learn more: https://chain.com.
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