Distributed Ledger Technology (DLT) is a digital system for recording the transaction of assets in which the transactions and their details are recorded in multiple places at the same time. And as such DLT is the next big thing in development. Unlike traditional databases, distributed ledgers have no central data store or administration functionality. In a distributed ledger, each node processes and verifies every item and creating a consensus on each item’s veracity. A distributed ledger can be used to record static data, such as a registry, and dynamic data like transactions. This computer architecture represents a significant revolution in record-keeping by changing how information is gathered and communicated. Blockchain is also known as General purpose Technology.
Blockchain Industry has so many problems like energy waste, transaction fee payment, blockchain bloat, lack of working products, transaction processing, and difficult adoption. Just as these issues exist, there are solutions to them like proof of stake solution (energy efficient), development platform, unique innovation. These can be applied in decentralized applications, and solutions for the token economy.
In a blockchain event, held in Lagos Nigeria on the 31st August 2019, Adebayo Adebajo (Managing Director at Jelurida Africa DLT) while speaking on the “Significance of DLT in African Development”, talked about Jelurida and what it’s about. Jelurida Africa is a DLT company that creates blockchain solutions that enable enterprises to build decentralized applications and services utilizing the ‘Nxt’ and the ‘Ardor’ technology. Started in 2013, now has more than 5 years’ experience working on blockchain. These technologies have platforms through which the company will help enterprises to add their assets on the blockchain.
‘Nxt’ is an advanced open-source application platform that expands the things you can do with a blockchain. It is the first pure proof-of-stake blockchain, running since 2013.
‘Ardor’ (launched in January 2018) is an evolution of the Nxt software that addresses issues of blockchain bloat, scalability, and versatility. Ardor is being designed as a complete ecosystem where multiple players can interact with each other without needing to go outside the platform.
Examples of industries that make use of this blockchain technology are AirBnB (A site where you can book for a hotel room or a place to stay when you’re in an unfamiliar place), Uber (a site where you can order for a cab to take you anywhere), Skype (for making videos calls to anyone in any location), Facebook (where you can connect to anyone and see their post), Netflix (where you can watch movies online), Amazon (a site you can buy anything no matter your location) and so many others.
We need to embrace the change in the world and move with the trend by joining in on the next big thing in development which is DLT. Blockchain is secure, and can’t be altered; there’s also transparency and trust, it has a tempered resistance cloud for encrypting your data; Management of Identity.
Vertical domains are industries that blockchain applies the most; Finance Industry, Healthcare, Entertainment (which includes Art, Culture & music), information & communication technology, Agriculture, Supply chain, Government, and public sector.
Adebayo Adebajo quotes:
While the machine learns;
Blockchain remembers as Automation takes off.
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