Imagine a giant accounting book, but instead of being kept in one secure location, it's copied and distributed across a bunch of different computers. That's the basic idea behind Distributed Ledger Technology (DLT). It's a system for storing data in a way that's secure, transparent, and decentralized.
Here are some key features of DLT:
Multiple Copies: The data is stored on multiple computers (called nodes) across the network. This makes it very difficult to tamper with the data, because any changes would need to be made on all the copies at the same time.
Transparency: Everyone on the network can see the data, which helps to build trust and prevent fraud.
Decentralization: There's no single authority in charge of the ledger. This can make it more resistant to censorship and control by any one person or group.
DLT is the foundation for blockchain technology, which is most famously used for cryptocurrencies like Bitcoin. But DLT has the potential to be used for many other things, such as supply chain management, voting systems, and secure record-keeping.
