What is Distributed Ledger Technology (DLT)

DLT is a means of storing transaction data in several nodes simultaneously rather than in a single place. Distributed ledger technology or blockchain ensures the transparency and visibility of the data to all members of the network. The administrators of the network can make it permissioned or permissionless depending on their objectives. DLT became popular with the rise of cryptocurrency, specifically Bitcoin, but can have several other uses. It can be used by private businesses, for instance, in supply chain management to track products, to combat counterfeit, and to set smart contracts between the different stakeholders. DLT has changed the paradigm from a single source of truth to a common source of truth, visible to all. The data is immutable and irreversible, allowing transactions to occur between different parties, without the need to trust each other per se, but by trusting the code. DLT has gained popularity due to its efficiency and security. It acts upon the weak points present in a centralized system, that inherently are susceptible to cyber crime. Moreover, it removes delays as the ledger of transactions is available to all involved actors, without an intermediary. DLT can also be used in a public context by governments, for example revolutionizing voting processes through non-fungible tokens that represent a digital signature, authenticating the identity of the voter.