Back in 1982 “The Byzantine Generals Problem” explained how the IT systems should handle information in adversarial scenarios, which is considered by many as the origin of the “Distributed Ledger Technology” as a concept.
Currently, Distributed Ledger Technology (DLT) is a common term industry refers to when designating multiple systems operating in a decentralised manner. It is a distributed database or shared ledger that records digital transactions across multiple servers in a secure, distributed, and verifiable way.
Some of the most popular examples of DLT technologies are public blockchain networks like Ethereum, Quorum, Hyperledger and Corda among many others.
The DLT networks differ from each other in several ways, including the consensus protocols used, the type of data stored, the amount of privacy and scalability, and the type of governance structure employed.
Ethereum is a public blockchain with a Turing-complete scripting language that enables the creation of decentralised applications (dApps), smart contracts, and other features like decentralised finance (DeFi). Quorum is an enterprise-focused Ethereum-based platform that supports private and permissioned transactions. Hyperledger is an open-source platform that provides a modular architecture for enterprise solutions, and Corda is a distributed ledger technology (DLT) platform designed specifically for enterprise applications.
Each of these technologies has its own unique features and advantages, and they each have different approaches to privacy, scalability, and governance. It is important to consider these differentiating factors when deciding which DLT network to use.
Institutional users can easily deploy sample DLT networks using NayaOne Cloud Sandpit templates to get started. Additionally, large scale applications can be tested using various container management and auto scaling tools available with cloud services providers.