Distributed ledger technology (DLT)

Distributed ledger technology (DLT) is a decentralized database or digital ledger that enables the recording, storage, and sharing of information across a network of computers. DLT allows multiple parties to have simultaneous access and control over the same data. Unlike centralized databases, DLT is spread over a network of nodes, each maintaining a copy of the entire ledger. This ensures the security, transparency, and immutability of the data, as no individual or organization can unilaterally modify or delete transactions. DLT was created to address some of the limitations of centralized databases, such as the risk of a single point of failure, the lack of transparency and accountability, and the need for intermediaries to facilitate transactions. DLT has a wide range of applications, ranging from finance and banking to supply chain management, healthcare, and voting systems. Its potential lies in its ability to enable new business models, reduce costs and risks, and increase efficiency and trust in various industries.