Distributed Ledger Technology is revolutionizing the world because in today’s connected and integrated world, economic activity takes place in business networks that span national, geographie, and jurisdictional boundaries.
Business networks typically come together at marketplaces where the participants, such as producers, consumers, suppliers, partners, the market makers enablers, and other stakeholders own, control, and exercise their rights privileges, and entitlements on objects of value known as assets.
Assets can be tangible and physical, such as cars, homes, or strawberries, or intangible and virtual, such as deeds, patents, and stock certificates.
Asset ownership and transfers are the transactions that create value in a business network.
Transactions typically involve various participants like buyers, sellers, and intermediaries (such as banks, auditors, or notaries) whose business agreements and contracts are recorded in ledgers.
A business typically uses multiple ledgers to keep track of asset ownership and asset transfers between participants in its various lines of businesses.
Ledgers are the systems of record for a business’s economic activities and interests. A distributed ledger is a type of database that is shared, replicated, and synchronized among the members of a decentralized network.
The distributed ledger records the transactions, such as the exchange of assets or data. among the participants in the network.
Participants in the network govern and agree by consensus on the updates to the records in the ledger.
No central authority or third-party mediator, such as a financial institution or clearinghouse, is involved.
Every record in the distributed ledger has a timestamp and unique cryptographic signature, thus, making the ledger auditable immutable history of all transactions in the network.
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