DLT stands for Distributed Ledger Technology. Digital information is stored in a database and shared
\namong a network of multiple users\/ nodes. These can be countries, websites and institutions. In this
\nconcept there doesn\u2019t exist a central administrator or database, but the data is constantly updated
\nand shared. So there are no middleman involved. This technology provides speed and security,
\nbecause of the fact that the data or transaction are timestamped and cryptically secured with keys
\nand signatures. The ledger is difficult to manipulate with because all the users have the same copy of
\nthe database. Blockchain is a type of DLT but with specific features. (Kloos, 2019) (What is the
\ndifference between DLT and blockchain?, 2018)<\/p>\n
To name a few advantages of blockchain, it is highly resistant to failures and attacks due to the
\nconsensus mechanism, less vulnerable to these attacks than centralized networks\/ databases and the
\nmiddlemen can be left out due to the trust mechanism. A few disadvantages are is that this
\ntechnology takes up a lot of computer power and space and because of this the network could
\npossibly lose nodes in the future. (Academy, 2019)<\/p>\n
Examples of best practices of the Distributed Ledger Technology are Bitcoin, Zcash and Ethereum.
\nZcash is an interoperable cryptocurrency that can be used among different blockchains. This
\ncryptocurrency is also used in a public blockchain but because of the zero-knowledge proof-of-work
\nmechanism the identity of the sender, receiver or the amount remains unknown. (How It Works,
\n2019) With Ethereum, just like Bitcoin, there isn\u2019t a central authority and it is used all over the world
\nto do transactions, to store value, etc. (Welcome!, 2019)<\/p>\n
Applicable implementations of blockchain for Tradecloud and its customers are a private ledger, the
\nprovision of real time and accurate view of the supply chain and the use of smart contracts. The
\nprivate ledger can be used for only Tradecloud and its customers, without public access and the
\nsmart contracts can be used to automate certain processes and make them more efficient. (Using
\nblockchain for Supply Chain Transparency and Traceability, 2017) (Soulages, 2019)<\/p>\n","protected":false},"excerpt":{"rendered":"
DLT stands for Distributed Ledger Technology. Digital information is stored in a database and shared among a network of multiple users\/ nodes. These can be countries, websites and institutions. In this concept there doesn\u2019t exist a central administrator or database, but the data is constantly updated and shared. So there are no middleman involved. This […]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[91],"tags":[],"class_list":["post-9015","post","type-post","status-publish","format-standard","hentry","category-trends"],"yoast_head":"\n