<- a method of recording information that makes it impossible or difficult for the system to be changed, hacked or manipulated
digital ledger
a distributed ledger that duplicates and distributes transactions across the network of computers
2. A structure that stores transactional records, storage is referred to as a digital ledger
3. every transaction is authorized by a digital signature of the owner, authenticates transactions and safeguards it from tampering
4. anybody can view transactions but unable to corrupt it
How it works
stores information from finance, product tracking to shipping details
2. Cryptographic keys/digital signature - performs successful transactions between the two parties, private and public keys.
3. peer to peer network containing a shared ledger - a group of individuals who act as authorities use the digital signature to reach a consensus on transactions.
Benefits
Enhanced security
Greater transparency
instant traceability
increased efficiency and speed
automation - reduces human intervention
Challenges
scalability - slow and inefficient when in high demand
energy consumption
security breaches
complexity
interoperability - protocols and standards no working together