Blockchain and Distributed Ledger Technology are peer-to-peer networks that allow many participants to keep their own identical copy of a shared ledger. DLTs allow members to securely verify, execute, and record their own transactions without relying on a mediator, rather than requiring a central authority to update and distribute data to all participants.
While there are many different types of Distributed Ledger Technology available, they all have the same basic components: a public or private distributed ledger, a consensus algorithm (to verify that all copies of the ledger are similar), and a framework for motivating and rewarding network involvement.
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