A distributed ledger is a database which is synced and accessed by multiple parties across various websites and countries. The implementation of a distributed ledger eliminates the need for a central authority to maintain a check on fraud. The technology that supports distributed ledgers is much like the blockchain. A distributed ledger is a record of any transactions stored across several locations and individuals.
Advantages of Distributed public ledger technology
- It helps to prevent cyber assaults and financial crimes.
- Minimise operational inefficiencies.
- Reduces the time to execute transactions.
- They are automated and work 24/7.
Implementation of Distributed Ledger
It assists the government in recording property registries, collecting taxes, licences, issuing passports, distribution of social security benefits.
Several sectors are benefiting from the technology, including music & entertainment, finance, diamonds and other precious metals, and art.
