Rethinking Distributed Ledger Technology

While most of the excitement around blockchain stems from its use in cryptocurrencies, designers are beginning to find interesting ways to solve system problems using blockchain and other forms of distributed ledger technology (DLT). The most commonly used data structure for distributed ledgers is the blockchain. A key feature of a blockchain based system is the decentralized, replicated data synchronized among separate network nodes, which may be geographically dispersed. There is substantial discussion around some terms in DLT, in particular public vs. private systems. We believe it is better to distinguish blockchain systems based on their permission model: permissioned or permissionless; since it is directly tied to the technology; where private or public may apply to the visibility of the network or ledger itself.

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