Distributed Ledger Technology
Even casual observers today have heard about cryptocurrencies. These digital currencies offer alternatives to traditional government-backed currencies and have taken the world by storm in recent years. The challenge facing those hoping to establish alternative currencies is gaining trust. While individuals may trust the bank notes backed by the federal government, it might take a little bit more to start trusting digital-based notes created by hackers, which is where distributed ledger technology comes in. It helps to solve the trust issue by keeping a public record of every transaction made with each note. That record, or ‘ledger,’ is kept on many computers at once (and so is ‘distributed’). Each time that note changes hands, those distributed records are updated to reflect the change.
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