Distributed Ledger
Technology: The future of the Transaction
Blockchain technology in its newest form i.e Distributed
Ledger Technology (DLT) has been creating ripples in the market ever since its integration with
the cryptocurrency mark. DLT is changing the way in which digital transactions are done,
enabling standardization and innovative approaches.
Experts have projected at least 75 billion more connected devices to come online by the year
2025. A larger number of devices will demand a fool-proof system to address complex issues
relating to security, cost, and connectivity. In that scenario, DLT can be used to monitor,
validate and store every transaction with a high level of security and dependability.
Simply put, DLT is a digital system that records transactions of assets at multiple places, all
at the same time. Contrary to a traditional database, distributed ledgers do not have a central
store or administration functionality making it the most secure form of conducting online
business.
Proponents of DLT typically highlight a number of potential advantages over traditional
centralized ledgers and other types of shared ledgers, including decentralization and
disintermediation, greater transparency and easier auditability, gains in speed and efficiency,
cost reductions, and automation and programmability. DLT is the optimum solution to address some
of the biggest challenges arising in this industry in the future.
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