Distributed Ledger Technology
Distributed Ledger Technology (DLT) is a decentralized database system that records and stores data across a network of computers.
Distributed Ledger Technology (DLT) is a type of database system that allows multiple parties to have simultaneous access to a shared ledger of transactions, without the need for a centralized intermediary. DLT relies on a network of computers, often referred to as nodes, to maintain the ledger and validate transactions.
DLT is designed to be transparent, secure, and immutable. Transactions are recorded on the ledger in blocks, and each block is cryptographically linked to the previous block in the chain, forming a "chain" of blocks known as a blockchain. This makes it very difficult for anyone to alter or manipulate the ledger without being detected.
One of the most well-known applications of DLT is the cryptocurrency Bitcoin, which uses a blockchain to record and verify transactions. However, DLT has many other potential use cases, such as supply chain management, identity verification, and voting systems.
DLT can take many different forms, including public blockchains, private blockchains, and hybrid blockchains. Public blockchains, like the Bitcoin blockchain, are open to anyone and are not controlled by a central authority. Private blockchains, on the other hand, are restricted to a specific group of participants and are often used in enterprise settings. Hybrid blockchains combine elements of both public and private blockchains.