Distributed-ledger-based

Describing systems, applications, or processes that utilize a distributed ledger, a shared, replicated, and synchronized database spread across multiple participants or nodes in a network. This technology facilitates transparent and secure data recording, storage, and exchange without the need for a central authority. Data is typically recorded in chronological order as “blocks,” chained together cryptographically to ensure immutability. This framework promotes trust, auditability, and efficiency in various industries by enabling peer-to-peer transactions and decentralized operations. It's a key technology underpinning cryptocurrencies and increasingly utilized for supply chain management, healthcare records, and digital identity verification. The core principles involve consensus mechanisms and cryptographic hashing.

Distributed-ledger-based meaning with examples

• The company implemented a distributed-ledger-based system for tracking its products' journeys from manufacturing to the consumer, significantly improving supply chain transparency and reducing counterfeiting risks. This streamlined the process and enhanced consumer trust and brand loyalty. They found that by giving transparency they could solve problems quicker and better.
• Medical records were moved over to a distributed-ledger-based platform to allow patients greater control over their personal data and to ensure secure and verifiable access to health information by authorized healthcare providers. This drastically increased data integrity and patient privacy
• The project is utilizing a distributed-ledger-based model to enable secure voting in elections, aiming to reduce fraud and improve the accuracy of vote counting by providing an immutable and auditable record of each ballot. This model provided full transparency
• A new decentralized financial platform uses a distributed-ledger-based infrastructure to facilitate peer-to-peer lending and borrowing, eliminating the need for intermediaries and reducing transaction fees. This provides a more competitive marketplace for financial transactions
• Researchers are exploring the use of distributed-ledger-based approaches to manage digital identities, providing users with greater control over their personal information and mitigating risks associated with centralized data storage. The results were positive.