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Blockchain and Distributed Ledger Technology (DLT)

Distributed ledger

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53 views

Blockchain and Distributed Ledger Technology (DLT)

Distributed ledger

Uploaded by

kipago9784
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Blockchain and Distributed

Ledger Technology (DLT)


Blockchain and Distributed Ledger Technology (DLT)

A blockchain is a digital ledger of transactions that are


distributed across the entire network of computers (or
nodes) on the blockchain.

Distributed ledgers use independent nodes to record, share,


and synchronize transactions in their respective electronic
ledgers instead of keeping them in one centralized server.
A blockchain uses several technologies like digital
signatures, distributed networks, and encryption/
decryption methods including distributed ledger technology
to enable blockchain applications.
Blockchain and Distributed Ledger Technology (DLT)

Blockchain is one of the types of DLT in which transactions


are recorded with an unchangeable cryptographic signature
called a hash.

That is why distributed ledgers are often called blockchains.


What is Distributed Ledger Technology (DLT)?

Distributed Ledger Technology (DLT) is centered around an


encoded and distributed database where records regarding
transactions are stored.

A distributed ledger is a database that is spread across


various computers, nodes, institutions, or countries
accessible by multiple people around the globe.
Distributed Ledger Technology (DLT)

Features:

Decentralized: It is a decentralized technology and every


node will maintain the ledger, and if any data changes
happen, the ledger will get updated.

The process of updating takes place independently at each


node.

Even small updates or changes made to the ledger are


reflected and the history of that change is sent to all
participants in a matter of seconds.
Distributed Ledger Technology (DLT)

Features:

Immutable: Distributed ledger uses cryptography to create


a secure database in which data once stored cannot be
altered or changed.

Append only: Distributed ledgers are append-only in


comparison to the traditional database where data can be
altered.
Distributed Ledger Technology (DLT)

Features:

Distributed: In this technology, there is no central server or


authority managing the database, which makes the
technology transparent.

To counter the weaknesses of having one ledger to rule all,


So that there is no one authoritative copy and have specific
rules around changing them.

This would make the system much more transparent and


will make it a more decentralized authority
Distributed Ledger Technology (DLT)

Features:

In this process, every node or contributor of the ledger will


try to verify the transactions with the various consensus
algorithms or voting.

the voting or participation of all the nodes depends on the


rules of that ledger.

In the case of bitcoin, the Proof of Work consensus


mechanism is used for the participation of each node.
Distributed Ledger Technology (DLT)

Features:

Shared: The distributed ledger is not associated with any


single entity. It is shared among the nodes on the network
where some nodes have a full copy of the ledger while
some nodes have only the necessary information that is
required to make them functional and efficient.

Smart Contracts: Distributed ledgers can be programmed to


execute smart contracts, which are self-executing contracts
with the terms of the agreement between buyer and seller
being directly written into lines of code. This allows for
transactions to be automated, secure, and transparent.
Distributed Ledger Technology (DLT)

Features:

Security: Distributed ledgers are highly secure because of


their cryptographic nature.

Every transaction is recorded with a cryptographic signature


that ensures that it cannot be altered.

This makes the technology highly secure and resistant to


fraud.

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