More Examples

“My cousin keeps telling me about distributed ledger technology.”

Distributed ledger technology can provide better accountability and lower costs.”

Bitcoin uses a distributed ledger called a blockchain (aka ‘timechain’).”

Definition(s) from the Web

  1. Bitcoin has no central issuer; instead, the peer-to-peer network regulates bitcoins, transactions and issuance according to consensus in network software. These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain. Bitcoins are issued to various nodes that verify transactions through computing power; it is established that there will be a limited and scheduled release of no more than BTC 21 million worth of coins, which will be fully issued by the year 2140. Source
  2. A distributed ledger (also called a shared ledger, or referred to as distributed ledger technology) is a consensus of replicated, shared, and synchronized digital data geographically spread across multiple sites, countries, or institutions. There is no central administrator or centralised data storage. A peer-to-peer network is required as well as consensus algorithms to ensure replication across nodes is undertaken. In 2016, numerous banks tested distributed ledgers for international payments. Source
  3. A distributed ledger (also called a shared ledger or distributed ledger technology or DLT) is a consensus of replicated, shared, and synchronized digital data geographically spread across multiple sites, countries, or institutions. Unlike with a distributed database, there is no central administrator. In some cases an alternative term is used: RJT for Replicated Journal Technology, since the information is replicated in the nodes containing full copy of the information and the information in the blocks is included in timely order, more in the form of an accounting journal than as an accounting ledger. A peer-to-peer network is required as well as consensus algorithms to ensure replication across nodes is undertaken. One form of distributed ledger design is the blockchain system, which can be either public or private. Source

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