The terms “blockchain” and “distributed ledger technology” (DLT) may be widely used but are not always well understood. This article explains the differences between them. Rather than covering the technical aspects in depth, we will focus on how and why these technologies have the potential to disrupt existing business models and perhaps even create entirely new ones. By Bankless Publishing.
Blockchain first started to gain serious recognition after “Satoshi Nakamoto” authored the Bitcoin White Paper in 2008. The article then explains the following:
- Blockchain
- What is Distributed Ledger Technology (DLT)?
- All blockchains are DLTs but not all DLTs are blockchains.
- DLT networks remove the need for the middleman
- Open blockchains take the potential one step further
Unfortunately, blockchain networks are still in their infancy and are not yet capable of delivering a comparable service to the millions (or billions) of people currently using the various platforms owned by big tech. Today’s blockchains face difficulties with scaling, especially while trying to maintain a high degree of decentralisation. Nice one!
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