The following is a guest post by Marika Lulay, CEO of GFT, a provider of technology to the financial sector. Blockchain is quickly becoming one of the most widely used buzzwords in the financial sector with seemingly limitless applications across countless industries.
With good reason, too. Distributed ledger technology, or decentralized databases such as blockchain, accelerates processing, slashes costs and greatly reduces fraud risk.
With the current premium placed by the general public on cryptocurrency such as Bitcoin, many are looking at blockchain solely as a way to service this new demand. However, blockchain technology offers much more than advancements for bitcoin.
Distributed ledger technology, or DLT, is a special form of electronic data processing and storage, and the blockchain system is a kind of DLT. For example, cryptocurrencies are usually an instance of a blockchain, and blockchains themselves are an instance of distributed ledger technology.
At its core, a distributed ledger is a decentralized database that allows users of a network to share, read and write permissions. Unlike the centrally managed databases currently in place in most banks, DLT networks do not require a central authority to make new entries in the database, meaning the participants themselves can enter new data at any time. Read more from banklesstimes.com…
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