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Rachel Welch

22 November 2022 15 Read Crypto

What is Distributed Ledger Technology?

Using Distributed Ledger Technology (DLT) for your business has the potential to transform many industries. It can help reduce fraud and costs. It also allows you to share data in real time, ensuring that changes are reflected throughout your network.While distributed ledger technology has many benefits, it does have some shortcomings. For instance, there's a learning curve to getting started. It also opens up potential security vulnerabilities, such as malware and data encoding problems.

Traditionally, organizations have stored their data in different locations. Data is then brought together in a centralized database periodically. Sometimes, a company division will contribute data to the centralized ledger, while other divisions may not. The problem with this method is that every location contributing data can become a source of fraud.

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