Distributed Ledger Technology (DLT) refers to the technological infrastructure and protocols that allows simultaneous access, validation, and record updating in an immutable manner across a network that's spread across multiple entities or locations. The technology has the potential to revolutionize how business is conducted by streamlining processes, reducing costs and improving transparency.One of the most well-known applications of DLT is Bitcoin, which uses a distributed ledger to track transactions between users. Other applications include tracking ownership of digital assets or land titles, managing supply chains and voting systems.The benefits of DLT are manifold: by removing the need for third-party verification it can speed up transactions; it can also reduce costs as there is no need for middlemen such as banks or notaries. In addition, because data is stored on a distributed network rather than centralized servers, it is less vulnerable to hacking attacks or data loss.DLT has already begun disrupting traditional industries such as banking and finance. For example, several major banks have teamed up with fintech companies to develop blockchain-based platforms for trade finance purposes. And in March 2017 IBM announced plans to create a commercial blockchain platform aimed at global food suppliers who wish to improve traceability from farm to table.
