Digital ledger (or Distributed Ledger Technology) is a type of technology that uses independent computers to record, share and synchronize transactions instead of having theses done on a centralized computer.
Digital ledgers are decentralized across different electronic ledgers. Blockchain is a type of distributed ledger. It is obvious that blockchains are the backbone of Bitcoin and other cryptocurrencies. It could fundamentally make the financial sector more secure, efficient, and reliable. However, there are some other ways individuals, businesses, and governments can use digital ledgers.
1. Cloud Storage.
Digital ledger technology can be used to improve cloud storage. This could offer highly secured storage and data backup at a significantly lower cost.
2. Digital IDs.
Digital ledgers can be used to control and manage digital identities. Think of a situation where passwords are obsolete and you don’t need a fingerprint or facial recognition but just your unique and secured digital token.
3. Electronic Voting.
It can be used to improve the speed and efficiency of the current voting systems. It could offer a voting method that automatically confirms votes while ensuring the authenticity of such votes.
4. Money Transfers
Faster and secured fund transfers can be conducted using the digital ledger framework. There won’t be a need for an intermediary.
5. Supply-chain Improvements
Inefficiencies can be spotted quickly. It can also be used to generate digital records that show where products are in the supply-chain process.
