Is the blockchain different from banking ledgers?

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shubh 3 months 2021-01-30T06:46:13+00:00 1 Answer 28 views BNT Beginner 1

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    If it wasn’t clear already, then yes. Banking ledgers are controlled by financial institutions to ensure transactions are correctly processed. A key difference between both ledgers is their governance model. Banking ledgers are inherently centralized as they’re governed by the controlling institutions. The blockchain, however, is decentralized by design. It’s collectively maintained (not owned or controlled) by a group of computers on the network. As such, it’s more transparent and verifiable.

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