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Distributed Ledger Technology: Enhancing The Quality Of Life
By Sandeep Kasalkar
The concept of distributed ledger technology, or DLT, is not new. In truth, it is a technology that can improve people’s lives, but applications must still be developed for widespread use. Payment is the most well-known example of how DLT has improved things. It is also employed in other fields such as healthcare, law, and business because of the following characteristics:
1. Programmable
One of the most appealing aspects of DLT is its ability to be automated and self-contained. There is no need to recruit agents or employees to conduct action validation, verification, and confirmation. It makes the procedure less expensive and more efficient.
It also facilitates adoption as network developers provide additional solutions.
2. Distributed
This is how the technology got its name. A ledger keeps track of everything that occurs within the system. It contains information about the current owner, the history of previous owners, and actions. These data do not belong to a single company and are spread across multiple servers. As a result, it is tough to shut down. It will keep running as long as the servers that share the ledger are up.
3. Encrypted
The security of DLTs is what makes them so popular. Each asset in the network is safeguarded by strong encryption. It is a type of security that employs non-editable cyphers or codes. It cannot be read by humans or decoded by machines.
Only the person who is permitted to see and update it has access to it. This authority is accompanied by a private key that is also encrypted. Since their inception, there has never been a breach on any DLT.
4. Users Are Anonymous or Confidential
DLTs protect their users’ anonymity or confidentiality. A valid ID is not required to create an account. Simply create an account to safeguard your finances. A user’s identity is only revealed when they choose to reveal it.
5. Unanimous
Another key property of distributed DLTs is that it requires all or most of its users to agree that an activity is valid. A centralised network has the potential to be biassed or corrupt. Decentralized DLT systems, on the other hand, offer to modify that. Algorithms are currently used to process actions and records. They also use checklists created by other users. If it violates at least one of those categories, the action will be halted.
6. Immutable
DLT transactions cannot be reversed. It is possible to undo it by returning the data or removing changes made to a document. Those, however, have already been recorded in the data’s history.
7. Time-Stamped
Time stamping occurs for all network actions. That is, it has a record of the particular information that specifies when it occurred. This feature is intended for the algorithm rather than humans. This allows the network to prioritise which data to validate and verify.
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