Additionally, UBS has planned to establish a trade finance system using a distributed ledger, which can simplify global import and export transactions.
Unlike a bank ledger, which can be altered by its owner (or a government), the blockchain cannot be changed without simultaneously overwriting all of the thousands of copies used by the miners at any one time.
While the bitcoin network is a decentralized mechanism for creating and transferring electronic cash around the Web, it also stores those transactions in a public ledger, which is called the "blockchain" that keeps track of every payment history.
OpenCoin wants to solve these problems by creating a unified ledger, which keeps track of every account, transaction and balance, which the system automatically pings to confirm the legitimacy of transaction, allowing them to clear in under a minute, the company says.
Unlike a bank's ledger, which is centralised and private, the blockchain is public and distributed widely.
Blockchain is a distributed public ledger, which keeps records on thousands of computers.
Bitcoin or other digital currency isn't saved in a file somewhere; it's represented by transactions recorded in a blockchain -- kind of like a global spreadsheet or ledger, which leverages the resources of a large peer-to-peer bitcoin network to verify and approve each Bitcoin transaction.
"We've built an off-blockchain ledger, which makes sending and receiving tips free and instant.
If you're a bit of a nerd for all time heartthrob Heath Ledger, which, let's be real, who isn't, head to Star Hotel where his primo Aussie flick Two Hands was filmed.
Now, the historical society — with Fred Hoeptner as lead — and the Friends of La Crescenta Library, along with the Los Angeles County Public Library System, are coordinating an effort to digitize the Ledger, which will then be available to anyone by computer through the county library's website.
