Shared-ledger-based

Shared-ledger-based refers to systems, processes, or applications that utilize a shared, replicated, and synchronized database to record and distribute information across a network of participants. This ledger, typically implemented using blockchain or distributed ledger technology (DLT), ensures transparency, immutability, and often, increased security compared to centralized databases. The core principle involves consensus mechanisms where participants agree on the validity of transactions and updates, creating a verifiable record of all activities.

Shared-ledger-based meaning with examples

• In supply chain management, a shared-ledger-based system can track products from origin to consumer, enabling real-time visibility and reducing fraud. Each movement is recorded, offering a clear audit trail to trace product history and quality. This promotes accountability and trust among suppliers, manufacturers, and retailers. The transparent nature also streamlines dispute resolution, preventing potential disputes and ensuring fair trade.