What is the primary purpose of a blockchain ledger?

The primary purpose of a blockchain ledger is to provide a secure and transparent record of transactions. This is achieved through the decentralized nature of blockchain technology, which ensures that data is not controlled by a single entity but rather is distributed across a network of nodes. Each transaction added to the blockchain is encrypted and linked to the previous transaction, creating an immutable chain.

This immutability is crucial as it prevents any alterations or deletions of past records, thereby establishing trust among participants. Transparency is also a key characteristic, as anyone with access to the blockchain can verify the transactions, which fosters accountability and allows for audits without compromising privacy. Thus, by ensuring that all transactions are securely recorded and easily accessible for verification, blockchain ledgers contribute to greater trust in various applications, from financial transactions to supply chain management.