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The Difference Between Blockchains & Distributed Ledger Technology

The Difference Between Blockchains & Distributed Ledger Technology

Blockchain | Artificial Intelligence | Creating Massive Value | Enhancing Transactions | Increasing Personal Freedoms | Twitter: @ShaanRay The Difference Between Blockchains & Distributed Ledger Technology People sometimes use the terms Blockchain and Distributed Ledger interchangeably. This post aims to analyze the features of each. A distributed ledger is a database that is spread across several nodes or computing devices. Each node replicates and saves an identical copy of the ledger. Each participant node of the network updates itself independently. The groundbreaking feature of distributed ledger technology is that the ledger is not maintained by any central authority. Updates to the ledger are independently constructed and recorded by each node. The nodes then vote on these updates to ensure that the majority agrees with the conclusion reached. This voting and agreement on one copy of the ledger is called consensus, and is conducted automatically by a consensus algorithm. Once consensus has been reached, the distributed ledger updates itself and the latest, agreed-upon version of the ledger is saved on each node separately. Distributed ledger technologies drastically reduce the cost of trust. The architectures and structures of distributed ledgers can help us mitigate our dependence on banks, governments, lawyers, notaries and regulatory compliance officers. R3s Corda is an example of a distributed ledger. Distributed ledgers present a new paradigm for how information is collected and communicated, and are poised to revolutionize the way individuals, enterprises and governments transact. Blockchains are one form of distributed ledger technology. Not all distributed ledgers employ a chain of blocks to provide a secure and valid distributed consensus. A blockchain Continue reading >>

Swifts Blockchain Pilot For Bank-to-bank Transfers Went Extremely Well

Swifts Blockchain Pilot For Bank-to-bank Transfers Went Extremely Well

SWIFTs Blockchain Pilot For Bank-To-Bank Transfers Went Extremely Well A report on SWIFTs test program of DLT technology for Nostro account reconciliation has been published, DLT technology shows fantastic progress. A report by the financial messaging provider SWIFT and 34 global transaction banks that sought to answer the question of how distributed ledger technology (DLT) ( Blockchain ) Proof of Concept (PoC) can help Nostro account reconciliation has been published today , March 8, with positive results. A Nostro account is a banks account in a foreign currency in another bank. Back in April 2017, SWIFT had first announced that it was going to use the Hyperledger platform as a basis for updating its practices of cross-border market payments in collaboration with Australia and New Zealand Banking Group, BNP Paribas, BNY Mellon and others. SWIFTs test project added an additional 22 more banks in July 2017, including Commerzbank, Societe Generale and JPMorgan Chase Bank . SWIFTs press release about the now published report on the bank-to-bank project notes that the PoC intended to figure out how a combination of DLT and SWIFT assets could meet industry-level governance, security and data privacy requirements, as well as show benefits for its use over other applications. The 34 participating banks each had their own node deployed in a SWIFT DLT sandbox, whose underlying technology was the Hyperledger Fabric v1.0. PoC results showed that DLT could provide the functions needed for Nostro account reconciliation, including real-time event handling, transaction status updates, full audit trails, visibility of expected and available balances, real-time simplified account entries confirmation, the identification of pending entries and potential related issues, and [...] the da Continue reading >>

Distributed Ledger - Wikipedia

Distributed Ledger - Wikipedia

A distributed ledger (also called a shared ledger, or distributed ledger technology, DLT) 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 centralized data storage . [2] A peer-to-peer network is required as well as consensus algorithms to ensure replication across nodes is undertaken. [2] One form of distributed ledger design is the blockchain system, which can be either public or private. The meaning of the word "blockchain" remains controversial. While some people[ who? ] state it is synonymous with a Distributed Ledger (and most of generalist press tends to use it with this meaning), others[ who? ] argue that technically it would only apply to linear blockchains such as the one Bitcoin or Litecoin use and not to Directed Acyclic Graphs such as the ledgers based on Iota Tangle or Hedera Hasgraph algorithms. Therefore according to the latter definition, 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.[ disputed discuss ] [3] Distributed Ledgers are mostly known because of their use as cryptocurrencies, even if technically speaking the cryptocurrency and the underlying ledger are two different things. However, in practice, a distributed ledger needs to have a cryptocurrency (propiertary or used from other ledger) in order to provide incentives to keep the nodes up and running. Other possible uses beside cryptocurrencies include Smart Contracts (First introduced by Ethereum) or file storage. In 2016, numerous banks tested distributed ledgers for intern Continue reading >>

What Is Distributed Ledger Technology (dlt)? - Definition From Whatis.com

What Is Distributed Ledger Technology (dlt)? - Definition From Whatis.com

Oracle cloud services aim to pull users out of IT comfort zone SearchOracle Distributed ledger technology (DLT) is a digital system for recording the transaction of assets in which the transactions and their details are recorded in multiple places at the same time. Unlike traditional databases, distributed ledgers have no central data store or administration functionality. PDF: What does "digital transformation" really mean? What exactly is digital transformation? You may hear the term often, but everyone seems to have a different definition. See how our experts define digitization, and how you can get started in this free guide. This email address doesnt appear to be valid. This email address is already registered. Please login . You have exceeded the maximum character limit. Please provide a Corporate E-mail Address. I agree to TechTargets Terms of Use , Privacy Policy , and the transfer of my information to the United States for processing to provide me with relevant information as described in our Privacy Policy. Please check the box if you want to proceed. I agree to my information being processed by TechTarget and its Partners to contact me via phone, email, or other means regarding information relevant to my professional interests. I may unsubscribe at any time. Please check the box if you want to proceed. By submitting my Email address I confirm that I have read and accepted the Terms of Use and Declaration of Consent. In a distributed ledger, each node processes and verifies every item, thereby generating a record of each item and creating a consensus on each item's veracity. A distributed ledger can be used to record static data, such as a registry, and dynamic data, i.e., transactions. This computer architecture represents a significant revolution in record- Continue reading >>

Types Of Blockchains

Types Of Blockchains

Blockchains & Distributed Ledger Technologies The Bitcoin White Paper was published by Satoshi Nakamoto in 2008; the first Bitcoin block got mined in 2009. Since the Bitcoin protocol is open source, anyone could take the protocol, fork it (modify the code), and start their own version of P2P money. Many so-called altcoins emerged and tried to be a better, faster or more anonymous than Bitcoin. Soon the code was not only altered to create better cryptocurrencies, but some projects also tried to alter the idea ofblockchain beyond the use case of P2P money. The idea emerged that the Bitcoin blockchain could be in fact used for any kind of value transaction or any kind of agreement such as P2P insurance, P2P energy trading, P2P ride sharing, etc. Colored Coins and Mastercoin tried to solvethat problem based on the Bitcoin Blockchain Protocol. TheEthereum project decided to create their own blockchain, with very different properties than Bitcoin, decoupling the smart contract layer from the core blockchain protocol, offering a radical new way to create online markets and programmable transactions known as Smart Contracts . Private institutions like banks realized that they could use the core idea of blockchain as a distributed ledger technology (DLT), and create a permissionedblockchain (privateor federated), where the validator is a member of aconsortium or separate legal entities of the same organization. The term blockchain in the context of permissioned privateledger is highly controversial and disputed. This is why the term distributed ledger technologies emerged as a more general term. Private blockchains are valuable for solving efficiency, security and fraud problems within traditional financial institutions, but only incrementally. Its not very likely that private Continue reading >>

Dlt / Blockchain - Climate | Ledger Initative

Dlt / Blockchain - Climate | Ledger Initative

What is Blockchain / distributed ledger technology and why should the climate community be interested? Bitcoin is one specific Blockchain protocol. Blockchain is one form ofdistributed ledger technology (DLT). The Bitcoin cryptocurrency is the first application ofthat protocol. Bitcoin was created by an individual or group of individualsunder the pseudonym Satoshi Nakamoto by a 2008 Whitepaper . It is built on aninnovative DLT called Blockchain. A blockchain is essentially a public,cryptographically-protected, distributed ledger spread across a network ofthousands of computers. This database contains records of every transactionthat ever takes place on it and it is constantly reconciling itself. In thisway, it is virtually impossible to corrupt transactions that take placebecause, if anyone tried to change the record of a transaction, the entiresystem would be out of balance and immediately identify the inconsistency. TheBitcoin Blockchain is one form of DLT. Other forms are Ethereum, IOTA or EOS.Many organisations (such as the World Economic Forum ) attribute great potentialto DLT in literally any industry (read the report here ). Currently, the financesector is paying closest attention, with the majority of large banks alreadyinvolved in DLT activities. Other industries, including food, fashion,materials, and many more are increasingly engaging with DLT. Coinmarketcap providesa good overview of the main cryptocurrencies and their market capitalisation. Many ofthe climate related issues are very suitable for DLT-based innovation. Majortransparency advances are well within reach, which is vital for successfulstakeholder integration and thus to reach a larger scale. Enabling trustedpeer-to-peer transactions, DLT also has the potential to vastly improve financeand supply Continue reading >>

Distributed Ledger Technology Vs Blockchain Technology

Distributed Ledger Technology Vs Blockchain Technology

People often think of blockchain technology and distributed ledger technology as one and the same. Interestingly enough, that is not the case, even though it is not hard to see why some people would think along those lines. These terms have become entwined over the past few years, although it is important to distinguish the two from one another. It is difficult to come across a unified explanation of how one should look at the concept of distributed ledger technology . A distributed ledger is a type of database spread across multiple sites, regions, or participants. As one would expect, a distributed ledger has to be decentralized, otherwise it would resemble a centralized database like most companies use today. Removing the intermediary party from the equation is what makes the concept of distributed ledger technology so appealing. Moreover, enterprises usedistributed ledger technology to process, validate or authenticate transactions or other types of data exchanges. Records are stored in the ledger once consensus is achieved by the majority of parties. Every record stored in the distributed ledger is timestamped and has its very own cryptographic signature. All of the participants on the distributed ledger can view all of the records in question. The technology provides a verifiable and auditable history of all information stored on that particular dataset. Distributed ledger technology will often to be referred to as DLT in financial and government circles. On paper, the entire description of a distributed ledger sounds exactly like what most people think of when they envision a blockchain. However, the blockchain is just one particular type of distributed ledger. Most people know it as the technology powering bitcoin, Ethereum, and other popular cryptocurrencies. Continue reading >>

Can Blockchain Help Agencies Be More Efficient?

Can Blockchain Help Agencies Be More Efficient?

Can Blockchain Help Agencies be More Efficient? Blockchain is no longer just a buzzword or simply a technology to watch. This database technology is being explored by agencies across government, from the General Services Administration (GSA) to Centers for Medicare and Medicaid Services (CMS), from the Federal Maritime Commission to military supply chain professionals across the Department of Defense (DoD). The promise of blockchain is dramatic. It can help enhance agencies business processes and provide far greater transparency and efficiency. That said, for federal IT professionals in particular, understanding blockchain technologyas well as its advantages and potential downsidesis a critical first step in determining its viability within an agency setting and its true potential and impact. Blockchain is a peer-to-peer distributed database technology created as the platform for Bitcoin exchange. In a nutshell, the technology uses a vast number of interconnected peer-based computers to store blocks of information. This distributed database of information is continually updated and reconciled. One of the primary advantages of blockchain is that it can authenticate a users identity and create verifiable histories of transactions that take place within the network. In fact, the technology does this automatically. It supports interactions between machines that can eliminate the need for human intervention or oversight. Additional advantages of blockchain are that 1) there is no single point of failure, and 2) it is not controlled by any one entity. The primary disadvantages stem from blockchain still being a relatively new technology. For example, there are questions about (and challenges with) scalability and performance. There is also the challenge of complexity, as wel Continue reading >>

What Is A Distributed Ledger?

What Is A Distributed Ledger?

Ledgers, the foundation of accounting, are as ancient as writing and money. Their medium has been clay, wooden tally sticks (that were a fire hazard), stone, papyrus and paper. Once computers became normalized in the 1980s and '90s, paper records weredigitized, often by manual data entry. These early digital ledgers mimicked the cataloguing and accounting of the paper-based world, and it could be said that digitization has been applied more to the logistics of paper documents rather than their creation. Paper-based institutions remain the backbone of our society: money, seals, written signatures, bills, certificates and the use of double-entry bookkeeping. Computing power and breakthroughs in cryptography, along with the discovery and use of some new and interesting algorithms, have allowed thecreation of distributed ledgers. In its simplest form, a distributed ledger is a database held and updated independently by each participant (or node) in a large network. The distribution is unique: records are not communicated to various nodes by a central authority, but are instead independently constructed and held by every node. That is, every single node on the network processes every transaction, coming to its own conclusions and then voting on those conclusions to make certain the majority agree with the conclusions. Once there is this consensus, the distributed ledger has been updated, and all nodes maintain their own identical copy of the ledger. This architecture allows for a new dexterity as a system of record that goes beyond being a simple database. Distributed Ledgers are a dynamic form of media and have properties and capabilities that go far beyond static paper-based ledgers. For more on this, please read our guide "What Can a Blockchain Do?" For now, the short ve Continue reading >>

Distributed Ledger Technology | J.p. Morgan | J.p. Morgan

Distributed Ledger Technology | J.p. Morgan | J.p. Morgan

Is distributed ledger technology (DLT) a banking fad or fixture? The technology, which relies on blockchain, is grabbing headlines, and the acronym DLT is catching on. But will its mark be permanent? Emerging technologies coupled with an increasingly globalized landscape are transforming the way payments are executed. Real-time payments from/to anywhere and in any currency continue to evolve and could create immediate visibility and transparency. Instantaneous global access to funds and corresponding information would enable companies to better optimize working capital, meet liquidity needs worldwide and mitigate fraud. Banking interoperability would allow financial institutions to work together seamlessly and use new or emerging technologies such as the cloud and Application programming interface to efficiently connect to clients and distribute data. Envisioning the future, understanding present challenges DLT could reshape how we store and transmit both money and information. Today when money moves, each party involved marks the transaction in its ledger. Record-keeping and reconciliation are duplicative processes that repeat across the separate financial accounts of remitters, banks, central banks, clearing systems and beneficiaries. The inefficiency is exaggerated and most acute for global payments, since time zone differences, cut-off times and other complexities can add days of delay. What if payments could be made nearly instantly on a single, tamper-proof ledger shared among participants? These transactions would be immutable, incorruptible and irreversible. Directly connecting counterparties via a shared ledger would enable a global peer-to-peer (P2P) wholesale payments system. Payments could happen nearly instantly from and to anywhere in any currency. An imm Continue reading >>

Dlt Labs - Redefining Industries

Dlt Labs - Redefining Industries

A blockchain is a digital ledger for maintaining transaction records that is shared amongst a distributed network, hence the moniker distributed ledger technology. The secure and decentralized nature of this data structure benefits any industry in which value or sensitive data is exchanged. A blockchain is a digital ledger for maintaining transaction records that is shared amongst a distributed network, hence the moniker distributed ledger technology. The secure and decentralized nature of this data structure benefits any industry in which value or sensitive data is exchanged. Blockchain and smart contracts can benefit the insurance industry and claims handling process by reducing cost, minimizing errors, and increasing efficiency. Blockchain can enhance the security, privacy, and interoperability of healthcare data by making electronic medical records and prescriptions more efficient, disintermediated, and secure. Blockchain, combined with Internet Of Things devices, can facilitate the tracking of managed assets and products from factories to point of sale. Blockchain is reshaping industries in domains as varied as finance, healthcare, government and manufacturing. The technology will continue to evolve and be used in more innovative ways. DLT Labs uses it unique and proprietary Parent and Child Architecture and DNC Cluster Infrastructure to solve Blockchain problem like Scalability, Throughput, Latency & Tight Coupling of Data & Logic thus making Blockchain Enterprise Ready. We combine our unparalleled experience in both blockchain architecture and business operations to help you understand how blockchain can impact your business. Our dedicated team of over 30 developers work to build unique solutions for your business that will streamline business processes, saving Continue reading >>

Blockchain & Distributed Ledger Technology (dlt)

Blockchain & Distributed Ledger Technology (dlt)

Blockchain & Distributed Ledger Technology (DLT) The rapid development and spread of new technologies has been significantly transforming the financial sector. The World Bank Group published the first fintech note that looks at Distributed Ledger Technology and Blockchain, and analyzes its potential relevance for international development. Fintech -- a relatively newly-coined term which combines 'finance' and 'technology' -- describes companies or innovations that use new technologies to improve or innovate financial services. What is a blockchain and a distributed ledger? Distributed ledgers (DL) use independent computers -- referred to as nodes -- to record, share and synchronize transactions in their respective electronic ledgers, instead of keeping data centralized as in a traditional ledger. Blockchain is one type of a distributed ledger. Blockchain and distributed ledgers are the building block of internet of value that enable economic interactions and transfer value peer-to-peer, without a need for a centrally coordinating entity. Value refers to any record of ownership of asset money, securities, land titles, etc. Distributed ledger technology (DLT) could fundamentally change the financial sector, making it more efficient, resilient and reliable. This could address persistent challenges and change roles of financial sector stakeholders. It could also potentially transform various sectors such as manufacturing, government financial management systems and clean energy. How will this technology affect international development efforts? Since this technology is still nascent, the World Bank Group doesnt have general recommendations about its use for international development. However, the World Bank Group is in dialogue with standard-setting bodies, governments, ce Continue reading >>

Distributed Ledgers Definition | Investopedia

Distributed Ledgers Definition | Investopedia

A distributed ledgercan be described as a ledger of any transactions or contracts maintained in decentralized form across different locations and people, eliminating the need of a central authority to keep a check against manipulation. All the information on it is securely and accurately stored using cryptography and can be accessed using keys and cryptographic signatures. Once the information is stored, it becomes an immutable database and is governed by the rules of the network. While centralized ledgers are prone to cyber-attack, distributed ledgers are inherently harder to attack because all the distributed copies need to be attacked simultaneously for an attack to be successful. Further, these records are resistant to malicious changes by a single party. Since ancient times, ledgers have been at the heart of economic transactions to record contracts, payments, buy-sell deals or movement of assets or property. The journey which began with recording on clay tablets or papyrus, made a big leap with the invention of paper. Over the last couple of decades, computers provided the process of record keeping and ledger maintenance great convenience and speed. Today, with innovation, the information stored on computers is moving towards much higher forms which is cryptographically secured, fast and decentralized. Distributed ledger technology has great potential to revolutionize the way governments, institutions, and corporatework. It can help governments in tax collection, issuance of passports, record land registries, licenses and outlay of social security benefits as well as voting procedures. The technology is making waves in industries such as finance; music and entertainment; diamond and precious assets; artwork; supply chains of various commodities; and more. While t Continue reading >>

Whats The Difference Between Blockchain Anddlt?

Whats The Difference Between Blockchain Anddlt?

Whats the difference between blockchain andDLT? The rise of Bitcoin and other cryptocurrencies has brought the word blockchain to headlines, book titles and dinner table discussions all over the world. The word has become synonymous with the idea of tokenization and cryptocurrencies, so much so that the crypto movement is often referred to as the blockchain movement. Few of us take the time to understand blockchain or the way it works, and fewer still dive deep enough to understand the distinction between blockchain and Distributed Ledger Technology. This short blog post aims to highlight the difference between the two, and introduce you to the main principles behind DLT. So whats the difference between blockchain and DLT? Distributed Ledger Technology is an umbrella term used to describe technologies which distribute records or information (the kind you might find on accounting ledgers) among all those using it, either privately or publicly. Blockchain was the first fully functional Distributed Ledger Technology and the only one people knew about for close to a decade. This likely led to people coming to the conclusion that it was and would forever be, the only form of DLT, therefore making it acceptable to use the two interchangeably. Blockchain is a type of DLT, a subcategory of a more broad definition, much like how the word car falls under the umbrella term vehicles and Satoshi Nakamoto falls under geniuses. As the cryptoworld continues to grow and change, were seeing an abundance of interesting projects eager to test, tune and tamper with our idea of DLT. This has led to the creation of several variations of the original Bitcoin blockchain, but also DLT systems which have ditched the idea of a blockchain altogether, such as IOTA and the Tangle Network, Hashgraph Continue reading >>

Blockchain / Distributed Ledger Technology (dlt) / Bitcoin Law

Blockchain / Distributed Ledger Technology (dlt) / Bitcoin Law

Blockchain / Distributed Ledger Technology Blockchain / Distributed Ledger Technology (DLT) Blockchain technology and distributed ledger technology (DLT) are poised to become a new standard for information exchange. The World Economic Forum estimates that more than $1.4 billion has been invested in distributed ledger technology over the past three years, and that figure is expected to increase exponentially over the next five years. For entrepreneurs, investors, and enterprises already involved in the blockchain and DLT space, this makes sense: blockchains offer businesses a host of advantages, including highly secure transactions, preservation of data integrity, and operational efficiencies. At Crowell & Moring, we help clients understand the most promising uses of blockchain and DLT in their own business, whether they are developers and vendors seeking to capture new opportunities, or companies and end users that are considering joining or deploying blockchain or DLT networks. Ensuring Network Participation Works for You Participation in a blockchain or DLT network gives rise to a host of concerns that must be identified and resolved to ensure maximum return on investment, the security and stability of mission-critical systems and data, and compliance with complex laws and regulations. We help clients explore blockchain and DLT options, create a blockchain strategy, and negotiate network participationensuring the right strategy is in place for issues ranging from cybersecurity to dispute resolution procedures. "Blockchain has the power to transform industries, and leading companies are wondering what it means for the future of their businesses. Crowell & Moring's team has the industry experience and technological savvy to help clients create innovative solutions and Continue reading >>

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