Distributed Ledger Technology (DLT)
August 30, 2018
Distributed
Ledger Technology (DLT)
A distributed ledger
is a type of data structure which resides across multiple computer devices,
generally spread across locations or regions.
Distributed Ledger Technology
includes blockchain technologies and smart contracts. While distributed ledgers
existed prior to Bitcoin, the Bitcoin blockchain marks the convergence of a
host of technologies, including timestamping of transactions, Peer-to-Peer
(P2P) networks, cryptography, and shared computational power, along with a
new consensus algorithm.
•A data model
that captures the current state of the ledger
•A language of transactions
that changes the ledger state
•A protocol
used to build consensus among participants around which transactions will be
accepted, and in what order, by the ledger.