{"id":1478,"date":"2018-02-13T05:50:03","date_gmt":"2018-02-13T05:50:03","guid":{"rendered":"https:\/\/atozcrypto.org\/?page_id=1478"},"modified":"2018-02-13T06:08:16","modified_gmt":"2018-02-13T06:08:16","slug":"distributed-ledgers","status":"publish","type":"page","link":"https:\/\/atozcrypto.org\/distributed-ledgers\/","title":{"rendered":"Distributed Ledgers"},"content":{"rendered":"

Wikipedia defined A\u00a0distributed ledger<\/strong>\u00a0(also called a\u00a0shared ledger,<\/strong>\u00a0or referred to as\u00a0distributed ledger technology<\/strong>) as a consensus of replicated, shared, and synchronized digital data geographically spread across multiple sites, countries, or institutions.\u00a0There is no central administrator or centralised\u00a0data storage<\/a><\/p>\n

BREAKING DOWN ‘Distributed Ledgers’<\/h3>\n

A distributed ledger\u00a0can be described as a ledger of any transactions or contracts maintained in decentralized form across different locations and people, eliminating the need of a central authority to keep a check against manipulation. All the information on it is securely and accurately stored using cryptography and can be accessed using keys and cryptographic signatures. Once the information is stored, it becomes an immutable database and is governed by the rules of the network. While centralized ledgers are prone to cyber-attack, distributed ledgers are inherently harder to attack because all the distributed copies need to be attacked simultaneously for an attack to be successful. Further, these records are resistant to malicious changes by a single party.<\/p>\n

Since ancient times, ledgers have been at the heart of economic transactions \u2013 to record contracts, payments, buy-sell deals or movement of assets or property. The journey which began with recording on clay tablets or papyrus, made a big leap with the invention of paper. Over the last couple of decades, computers provided the process of record keeping and ledger maintenance great convenience and speed. Today, with innovation, the information stored on computers is moving towards much higher forms \u2013 which is cryptographically secured, fast and decentralized.<\/p>\n

Distributed ledger technology has great potential to revolutionize the way governments, institutions, and corporate\u00a0work. It can help governments in tax collection, issuance of passports, record land registries, licenses and outlay of social security benefits as well as voting procedures. The technology is making waves in industries such as finance; music and entertainment; diamond and precious assets; artwork; supply chains of various commodities; and more. While the distributed ledger technology has multiple advantages, it\u2019s in a nascent stage and is still being explored to adopt in the best possible ways. The future of centuries old ledgers is decentralized. Source: Investopedia<\/p>\n

Blockchain vs. Distributed Ledger<\/h3>\n

Think of blockchain and distributed ledger in the same way you might think of Kleenex and facial tissues. The former is a type of the latter, but it has become so popular that it becomes engrained in people’s minds as what the product actually is.
\nBlockchain tech is essentially a shared database filled with entries that must be confirmed and encrypted. An easy way to understand\u00a0it is as a type of highly secure and verified shared Google Document, in which each entry in the sheet depends on a logical relationship to all its predecessors.
\nThe name blockchain refers to the “blocks” that get added to the chain of transaction records. To facilitate this, the blockchain uses a cryptographic signatures called a hash.<\/p>\n

Advantages of Using a Distributed Ledger Like Blockchain<\/h3>\n

Blockchain tech offers a way to\u00a0securely and efficiently create a tamper-proof\u00a0log of sensitive activity (anything from international money transfers to shareholder records). The\u00a0conceptual framework and underlying code of blockchain is useful for a several financial processes because of the potential it has to give companies\u00a0a secure, digital alternative to banking processes that are\u00a0often bureaucratic, time-consuming, paper-heavy, and expensive.<\/p>\n

Distributed ledgers such as blockchain are exceedingly useful for financial transactions because they cut down on operational inefficiencies (which ultimately saves money). They also provide greater security due to their decentralized nature, as well as the fact that the ledgers are immutable.<\/p>\n

Distributed Ledger Technology Beyond Blockchain<\/h2>\n

Blockchain may be the most widely-known distributed ledger technology (DLT), but the future of DLTs will depend on collaborative efforts.\u00a0James Wallis, Vice President of Blockchain Markets and Engagements for IBM, told the Association for Financial Professionals that “you’ll\u00a0see uses for DLT that you can\u2019t even think of today” but that this will involve “a level of sharing that hasn\u2019t really existed before.”
\nShould DLTs become standard, they could revolutionize\u00a0“Know Your Customer\u00a0(KYC),” the process through which a\u00a0business identifies and verifies the identity of its clients. Broader identity management would also become much simpler.<\/p>\n","protected":false},"excerpt":{"rendered":"

Wikipedia defined A\u00a0distributed ledger\u00a0(also called a\u00a0shared ledger,\u00a0or referred to as\u00a0distributed ledger technology) as a consensus of replicated, shared, and synchronized digital data geographically spread across multiple sites, countries, or institutions.\u00a0There is no central administrator or centralised\u00a0data storage BREAKING DOWN ‘Distributed Ledgers’ A distributed ledger\u00a0can be described as a ledger of any transactions or contracts maintained …<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"pgc_meta":"","_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"aioseo_notices":[],"pgc_meta":"","yoast_head":"\nDistributed Ledgers - 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