To fulfil a Litecoin transaction the digital open ledger that is the blockchain is involved. In this literal chain of blocks all the transactions that occur from moment to moment are recorded in them chronologically. The Litecoin Blockchain is maintained by the network of nodes and users and by users who automatically contribute to the entire record-keeping process through their mining efforts.
Every node that is on the network receives a copy of the blockchain which is automatically downloaded. The original purpose of the blockchain was to create a type of accounting for Bitcoin, the very first of the cryptocurrencies. This kind of approach was named a distributed ledger and it’s found its way into a number of commercial ventures. Indeed, the Litecoin Blockchain is one such example.
The Litecoin Blockchain technology is mainly used to verify the transactions happening within the framework of the currency. The blockchain is a repository of digital records that cannot be destroyed or tampered with. The only way this could happen is if every single node in the mining pool consented to do so, which clearly wouldn’t happen.
It’s obvious then that records in the Litecoin Blockchain can be always relied on as genuine. The Litecoin blockchain underpins a truly decentralized system that adds privacy and security to digital money and cryptography ensures that the processing of transactions is entirely foolproof. The only apparent downside to the system is the sheer potential size of the Litecoin Blockchain, which will become more and more unwieldy as time goes on.
