Distributed ledger
A distributed ledger (also called shared ledger) is a consensus of replicated, shared, and synchronized digital data geographically spread across multiple sites, countries, or institutions.[1] There is no central administrator or centralised data storage.[2]
A peer-to-peer network is required as well as consensus algorithms to ensure replication across nodes is undertaken.[2] One distributed ledger design is through implementation of a public or private blockchain system.[3][not in citation given] But not all distributed ledgers have to necessarily employ a chain of blocks to successfully provide secure and valid achievement of distributed consensus: a Blockchain is only one type of data structure considered to be a distributed ledger.[4]
In 2016, numerous banks trialed distributed ledgers for international payments.[5]
Applications
Incumbent banks are investing heavily in distributed ledgers as a cost-saving measure and a way to reduce operational risks.[2] The future use of distributed ledgers is expected to monetize the Internet of Things in a programmable economy.[6]
Everledger is used to track diamonds by recording numerous unique data points.[6]
See also
References
<templatestyles src="Reflist/styles.css" />
Cite error: Invalid <references> tag; parameter "group" is allowed only.
<references />, or <references group="..." />- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ 2.0 2.1 2.2 Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Blockchain Technology Explained. Retrieved on 21 November 2016
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ 6.0 6.1 Lua error in package.lua at line 80: module 'strict' not found.
