Distributed Ledger Technology

Distributed Ledger Technology (DLT) is a digital system for recording transactions across multiple locations simultaneously. Instead of a single central authority maintaining the records, copies of the ledger exist on numerous computers or nodes, ensuring transparency and security. Each transaction is time-stamped and linked to previous transactions, creating an unchangeable chain of information. This decentralized approach reduces the risk of fraud and increases trust, as no single party controls the entire database. DLT is the foundational technology behind cryptocurrencies like Bitcoin and has potential applications in finance, supply chains, and many other fields.