distributed ledger technology
dis-TRIB-yoo-tid LEJ-er tek-NOL-uh-jee
dɪˈstrɪbjʊtɪd ˈlɛdʒər tɛkˈnɒlədʒiListen
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Dictionary meaning
a broad category of database technology in which records are simultaneously maintained, shared, and synchronised across multiple nodes or locations without a central administrator, so that no single party controls the ledger and all participants can access the same version of the truth; blockchain is the most prominent form of distributed ledger technology, but other architectures exist that do not use the chain-of-blocks data structure; DLT underpins cryptocurrencies, enterprise supply chain systems, central bank digital currencies, and decentralised finance applications; its fundamental innovation is enabling trustless coordination between parties who do not know or trust one another, replacing the role previously played by central intermediaries such as banks, notaries, and clearinghouses with cryptographic verification and consensus protocols
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