Blockchain - Distributed Ledger Technology: a stitch in time
What is Blockchain?
DLTs can be defined as digital and distributed transaction ledgers that stores blocks of data shared across a network of computer nodes. More specifically, blockchain technology consists in a decentralized ledger that operates in a transparent environment. Each block of the ledger contains data about transactions that have been executed on the platform. In order to add a block to the ledger, every computer node of the network needs to verify and validate it. Thanks to this verification the system does not need an intermediary to check transactions. Information stored in a blockchain can never be deleted and serves as a verifiable and accurate ledger of every transaction made within the system.
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Benefits
Blockchain and other DLTs bring major benefits
Challenges
Blockchain can help in many domains, but the technology must still improve in some areas.
How Deloitte can help
Deloitte Luxembourg is one of the blockchain pioneers in the country. We created a Blockchain Lab in early 2015 and built our competences around technical and functional topics. Thanks to our blockchain knowledge and our subject matter expertise, we are in a position to provide a range of services to our clients: knowledge-building, broad network access, prototyping, and implementation.
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