Distributed Ledger Technology (DLT)

A ledger is a book where we keep a record of transactions and finances for a company, business, or individual.

The ledger includes data like transaction amount, date/time of the transaction, from whom, to whom, and a little description. Like this:

Here I have classified the ledger.

General Ledger

General Ledger is a centralized (control under central authority) record-keeping system used keep all financial transaction data in one place.

Distributed Ledger

Distributed Ledger is a decentralized (control under multiple participants) record-keeping system that allows multiple participants to have a copy of the ledger and update it in real-time.

Now we will discuss more about the distributed ledger technology (DLT)

Distributed Ledger Technology (DLT)

Distributed Ledger Technology (DLT) is a decentralized database that allows multiple participants to share, store, and update information in real time. Participants in the network can reach an agreement on the state of the ledger without relying on a central authority. Each participant(node) of the network takes part in the distributed system. Each of them knows the ledger as they have an exact copy just like other nodes in the network.