Distributed ledger technology (DLT)

A distributed ledger is a database that is copied and kept in sync across many computers, rather than held by one central authority. Each participant keeps its own copy, and a consensus process determines which updates are accepted, so all copies end up showing the same history.

A blockchain is one type of distributed ledger, in which records are grouped into blocks that are chained together by hashes. Other designs, such as directed acyclic graphs (DAGs), arrange records differently but pursue the same goal of a shared record that no single party controls.

The term DLT is popular with banks, governments and enterprises, which often use "permissioned" ledgers where only approved organisations can take part. These can be faster and private, but they rely on trusting the members. Public, permissionless ledgers such as Bitcoin and Ethereum let anyone run a node or submit transactions, which is what gives them censorship resistance.