Ivan on Tech Academy provides latest insights and reports about the blockchain industry.
The blockchain is often known as a “DLT” system. Specifically, DLT stands for distributed ledger technology, and is a digital decentralized system for verifying and recording asset transactions. This means that the system becomes more resilient, as it exists in various places at the same time.
Anyone familiar with blockchain technology will likely recognize this definition of DLT. A previous Ivan on Tech Academy article, in which we answer “what is the blockchain”, demonstrates the advantages of distributed ledger technology in various industries. Moreover, this is primarily due to the unique and far-reaching application opportunities of DLTs.
Put simply, a distributed ledger consists of nodes that process and verify items. In doing so, DLTs generate records of various items and reach “consensus”, an agreement, on the items’ validity, or “veracity”.
This means that a DLT ledger is...