> For the complete documentation index, see [llms.txt](https://adkins-lab.gitbook.io/welcome-to-ad-lab/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://adkins-lab.gitbook.io/welcome-to-ad-lab/introduction-to-web3/blockchain-basics.md).

# Blockchain Basics

Blockchain is **triple ledger accounting**. \
…but what does that mean?

We currently use double ledger accounting (aka debits & credits) to determine where the money is and where it has been (in the USA); but who balances the ledger and settles disputes about transactions? 

…Big Banks & the Fed do in the USA and our trust in them is fading.

Triple ledger accounting replaces the banks (trusted 3rd party) with the blockchain; which is maintained by the independent nodes all around the world mining the blocks. \
\
The concept is complex but the most relevant breakthroughs are:

1. Cryptocurrencies cannot be duplicated or double spent.
2. Transactions can only be executed by a wallet with the private key which would take millions of years to hack ...so it's pretty secure.