Trak.in – Trak.in is a popular Indian Business, Technology, Mobile & Startup blog featuring trending News, views and analytical take on Technology, Business, Finance, Telecom, Mobile, startups & Social Media Space The Distributed Ledger Technology or DLT is a decentralised database of shared, replicated and synchronised set of digital data structures spread across multiple networks in multiple geographies. A distributed ledger design is free of geographical restrictions or institutions and can be spread across multiple sites.
It is a peer to peer technology and does not require a central storage. The technology employs consensus algorithms to ensure that replication of data happens across all nodes.
One of the most popular forms of distributed ledger system is the ‘Blockchain’. It is one of the types of distributed ledger technology that can exist in a public or a private set up.
It is believed that this technology will provide banking systems with a way to avoid operational redundancies and security risks, in addition, to be a cost-saving measure. That is why many banks are investing heavily in distributed ledger systems. Bitcoin is already a popular use case for distributed ledger systems. This disruptive technology embeds trust digitally into a transaction.
Accenture’s 2016 report on the acceptance of Blockchain technology claims that 83% of top executives believe that trust is the base of the digital economy. As per World Economic Forum, in less than a decade, 10% of the global GDP will be in the form of blockchain data structures. Read more from trak.in…
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