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Blockchain Technology - Brain behind Cryptocurrencies



 Distributed Ledger Definition What is Distributed Ledger Technology (DLT)?


A distributed ledger is a consensus of replicated, shared, and synchronized digital data geographically spread across multiple sites, countries, and/or institutions.

Users of Distributed Ledger Technology (DLT) significantly benefit from the efficienies and economics by creating a more robust environment for real-time and secure data sharing. Contrary to common belief, the Bitcoin blockchain is not the only distributed ledger, in fact, many other users of Distributed Ledger Technology use different methodologies to achieve the same consensus (e.g. Ripple,MultiChain, HyperLedger Project).

 Blockchain Definition What is Blockchain Technology?


A blockchain is a type of distributed ledger, comprised of unchangable, digitally recorded data in packages calledblocks.

These digitally recorded "blocks" of data is stored in a linear chain. Each block in the chain contains data (e.g. bitcoin transaction), is cryptographically hashed. The blocks of hashed data draw upon the previous-block (which came before it) in the chain, ensuring all data in the overall "blockchain" has not been tampered with and remains unchanged.

 Blockchain vs. Distributed Ledger What is the difference between the two?


A blockchain is just one type of distributed ledger, not all distributed ledgers necessarily employ blocks or chain transactions.

Although the term ‘blockchain’ is used more frequently than ‘distributed ledger’ in discussions, a blockchain is only one of the many types of data structures that provide secure and valid achievement of distributed consensus. The bitcoin blockchain, which uses ‘Proof-of-Work Mining’, is the most publicly proven method used to achieve distributed consensus. However, other forms of distributed ledger consensus exist such as Ethereum, Ripple, Hyperledger, MultiChain, Eris, and other private enterprise solutions.

 -- Blockchaintechonologies.com

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