A distributed ledger is a database that is distributed across a network of computers. Each computer in the network has a copy of the ledger and the ledger is updated periodically. The term “distributed ledger” is used to describe both the database and the network of computers. The distributed ledger technology (DLT) that underlies distributed ledgers has the potential to change the way the world does business. Distributed ledgers can be used to record and track any type of information. The most well-known use of distributed ledgers is for cryptocurrencies, but the technology has many other potential applications. Advantages of distributed ledgers include improved security, increased transparency, and faster transaction times. Disadvantages include the need for a large number of computers to maintain the network and the possibility of forks (when the network splits into two or more separate networks). The use of distributed ledgers is still in its early stages and the full potential of the technology has yet to be realized.
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