The difference between the centralized ledger and distributed ledger explained


Ledger can be defined as a book where records of financial transactions of any given organization are kept. You can call it a register in a college or school setting. Ledgers have been important for any economic transaction since ancient times. They have helped to initiate payments, move property and assets, record contracts and sell or buy deals. The journey started with the recording of important financial information on clay tablets and has managed to pass through generations up to being recorded on paper. The invention of the computer has helped to store financial data electronically and this has made things even easier. 

There have been a lot of innovations and storing of financial data on computers is taking a different path now. Technology has led to fast, decentralized and cryptographically secured ways to be used.



Centralized ledger

This is also known as the general ledger. This ledger holds all accounts for recording different transactions that relate to liabilities, assets, expenses, owners’ equity and revenue. Financial ledgers are important for anything in the world that has financial value. Computerized ledgers are being used in the modern world. General ledgers are normally in a central place and they can share data to other sub-ledgers. This type of ledger is the pillar of any accounting system and may hold non-financial data and financial data. All accounts put together is referred to as the general ledger. This may be a very large book in manual systems. 

Distributed ledger

This is usually a ledger that is shared. In this type of ledger, there is no central point of administration of the ledger. This can be defined as an asset database shared across a network of different sites, institutions, and geographies. Participants within a particular network may hold their own identical copy of the distributed ledger. If changes are made to the ledger, the changes will be shown in all the copies in just a few minutes. In some cases, it may even take less than a few minutes to reflect. The assets can be physical, legal, financial or even electronic. The accuracy and security of assets that are stored in the ledger are typically maintained cryptographically. 



Distributed ledgers have numerous advantages and that is why they are being adopted by LAPO. In this type of ledger, users are able to control their transactions and information. Data is consistent and complete in this distributed ledger. Everyone can view changes made to the ledger on time and accurately.

Blockchain has made the distributed ledger to be more advanced because of its decentralized nature. Blockchain cannot fail and it is able to withstand malicious attacks. This makes it impossible for people to hack into the system and corrupt the data.

The protocol on the distributed ledger commands removal of having to trust third parties and this makes the distributed ledger to be trustable. The distributed ledger is transparent and transactions and records cannot be deleted or altered. There are many more advantages of the distributed ledger you will gain from the LAPO platform.

Lapo website Link : https://app.lapo.io/

Lapo Whitepaper Link: https://lapo.io/files/lapo-whitepaper.pdf

Lapo ANN THREAD Link : https://bitcointalk.org/index.php?topic=2981605.0

Lapo Twitter Link :  https://twitter.com/lapoblockchain

Lapo Telegram Link : https://t.me/lapoofficial

My Bitcointalk Profile Link : https://bitcointalk.org/index.php?action=profile;u=1591725
 

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