Distributed ledger technology (e.g. blockchain) allows users to carry out digital transactions without the need for a centralized authority. It could fundamentally change the way government and industry conduct business, but questions remain about how to mitigate fraud, money laundering, and excessive energy use.
What is it? Distributed ledger technologies (DLT) like blockchain are a secure way of conducting and recording transfers of digital assets without the need for a central authority. DLT is “distributed” because multiple participants in a computer network (individuals, businesses, etc.), share and synchronize copies of the ledger. New transactions are added in a manner that is cryptographically secured, permanent, and visible to all participants in near real time.
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Website: | Visit Publisher Website |
Publisher: | Government Accountability Office (GAO) |
Published: | September 1, 2019 |
License: | Public Domain |