Blockchain Series 2

How many of us remember the old ledger entries of accounting? Maybe some, but we are sure not all of us! The days we record our business in old hard-covered books have long been gone! The same goes for the big excel sheets for many companies around the globe.

With the world becoming more and more digitized, we started finding new ways to record our data, and one of the emerging technologies for that is digital and distributed ledgers!

Distributed ledger technology (DLT) is developed in order to record your data electronically, like a database of a computer system. However, there are many distinct features that set DLT aside from traditional databases.

First of all, DLT is not controlled centrally, but rather “distributed” in a wide range of different computers around the globe on the network. So whenever a new entry, static data, or a transaction comes into the picture, all the computers in the network can see this operation and the exact time it’s happened.

Secondly, the DLT stores data not in tables, but as “blocks”. Since these data blocks have a finite capacity for storage, they are closed and chained to former blocks to form a data-chain. For a new transaction, a new block is used and added to the chain later. So now we know what the “blockchain” name refers to, right?

Finally, even though being distributed, the blockchain technology gives us the opportunity to have a private and centralized recording system too. While some tech giants like Microsoft create their own ledger services like Azure Blockchain Services, there are plenty of consulting platforms like SoluLab, ELEKS, Unicsoft, and many others.

In this second blog of “Blockchain Series”, we briefly took a look at LDT. Do you want to know more about blockchain tech? Stay tuned at Archi’s Blogs for the next week’s entry!