Distributed ledger

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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

  1. Distributed Ledger Technology: beyond block chain (PDF) (Report). UK Government, Office for Science. January 2016. Retrieved 29 August 2016.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  2. 2.0 2.1 2.2 Scardovi, Claudio (2016). Restructuring and Innovation in Banking. Springer. p. 36. ISBN 9783319402048. Retrieved 21 November 2016.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  3. "Fintech Storm brings to India a delegation of International leaders in Blockchain technology and cryptocurrencies". IT Business News. 2016-11-14. Retrieved 2016-11-15.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  4. Blockchain Technology Explained. Retrieved on 21 November 2016
  5. "Central banks look to the future of money with blockchain technology trial". Australian Financial Review. Fairfax Media Publications. 21 November 2016. Retrieved 7 December 2016.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  6. 6.0 6.1 "The CIO's Guide to Blockchain". Smarter with Gartner. Gartner, Inc. 29 June 2016. Retrieved 4 December 2016.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>