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Distributed ledger
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A distributed ledger (also called a shared ledger, or referred to as distributed ledger technology) is a consensus of replicated, shared, and synchronized digital data geographically spread across multiple sites, countries, or institutions. There is no central administrator or centralised data storage.
A peer-to-peer network is required as well as consensus algorithms to ensure replication across nodes is undertaken.
In 2016, numerous banks tested distributed ledgers for international payments.
Applications
Incumbent banks are investing heavily in distributed ledgers as a cost-saving measure and a way to reduce operational risks.
