In the videos we learn that each node of the blockchain has a local copy of the blockchain and every transaction is verified by all nodes of the network against their local copies. In the homework article https://www.ibm.com/blogs/blockchain/2018/02/top-five-blockchain-benefits-transforming-your-industry/, however, I am reading that “blockchain is a type of distributed ledger, all network participants share the same documentation as opposed to individual copies…”. What the IBM article states vs. what I learned in the videos sounds contradictory to me. Could someone please clarify it?
Each node has a copy of the ledger locally and these nodes must come to an agreement to update the ledger. https://medium.com/coinmonks/blockchain-what-is-a-node-or-masternode-and-what-does-it-do-4d9a4200938f this blog will help you to clarify your question more.
Thx Maki. Are you suggesting that the IBM article is incorrect then? The following statement from the article suggests that they are not local copies. “…blockchain is a type of distributed ledger, all network participants share the same documentation as opposed to individual copies…”
They are local copies that must reconcile to a majority of other copies local to other nodes on the network. The term “distributed ledger” is slightly incorrect, in that the ledger is decentralized, rather than distributed. A distributed ledger has a single source of authority, while a decentralized ledger gains its authority through peer-to-peer consensus.
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