1. A method for applying a transaction to a storage system, comprising: generating a Global Log Sequence Identifier (GLSI) value at a first node in accordance with one or more Log Sequence Identifier (LSI) values from one or more additional nodes; generating a Local Log Sequence Identifier (LLSI) value at the first node in accordance with the GLSI value generated at the first node; and applying the transaction to the storage system utilizing the generated LLSI value.