Blockchain vs DLT (Distributed Ledger Technology)
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Some may believe that there is only one 1 " Blockchain ". In fact, there are a few types of blockchain depending on the application. While distributed ledgers spotlights the sharing difference between blockchain and distributed ledger a database throughout all validators or nodes within that network or bubble.
Depending on the entity being used, DLT need not depend on such a chain nor require proof of work. These ledger are a type of database that are transmitted across multiple nodes.
A normal database would consist of a central assembly, since we are talking DLT's, thereby these network will be decentralized. The details in these blocks are giving an unique cryptographic number hash function, proof of work or provable security and are time stamped.
Even though these blocks are made public, only the owner difference between blockchain and distributed ledger their own personal "private key" has admittance. Hence, they are called " P ublic blockchain " and are synonymous with our cryptocurrencies technologies used today. The Bitcoin behavior was the first to use this particular form of blockchain. Other virtual currency use different procedures yet with similar results called mining. Which not only adds value to each block by rewards the contributing computing capacity for each hashed sequence or chain.
Next, you have what could easily and has been compared to as shared database. Instead referred to as " Private blockchain ". Where public access may not be necessary. Private blockchains difference between blockchain and distributed ledger provide privacy and scalability solutions due to all the nodes computers being strictly controlled. Useful with the likes of banks, energy companies, healthcare industry, insurance agencies. If we use the bubble description as above, just picture multiple bubbles only some having a type bridge that interact with a specific bubble or network.
This technology is in it's infant just as the internet was just a little over 20 years ago. Emerging peerpeer usage will include data storage aka cloud, digital advertising, movies, music.
Identity theft - digital ID Eliminating the middle-person in digital or smart contracts. Avoiding voter fraud, hang on There's a buzz surrounding this technology for a reason. The more information we educate ourselves on, the better choices we can make. I see a world of financial growth in the future. I'm still pretty fresh here in Steemitland. Yet, I intend on posting real and useful content. As you can see, a blockchain can be used as a ledger and shared publicly.
Authors get paid when people like you upvote their post. Very nice post, thanks for sharing, well done.