What is Distributed Ledger Technology (DLT)?
Distributed Ledger Technology (DLT) refers to a decentralised database that is consensually shared and synchronised across multiple sites, institutions, or geographies, making it accessible to multiple participants. This technology enables the creation of a robust and tamper-resistant record-keeping system, where transactions and data are verified and agreed upon by consensus among participants.
DLT's structure significantly enhances the security and integrity of data, making cyberattacks more difficult due to the distributed nature of data storage and management. It serves as the foundation for technologies that aim to implement transparent, verifiable, and secure transactions across various applications and sectors.
In the context of supply chain traceability, DLT can ensure the integrity and immutability of transaction records, enhancing transparency and trust across the supply chain. It enables secure, real-time tracking of products and materials, facilitating the verification of their authenticity, origin, and compliance with sustainability standards.
Related terms
Sustainability
Sustainability in the context of supply chain management refers to the development and implementation of environmentally responsible and socially equitable business practices throughout the supply chain. It aims at meeting the needs of the present without compromising the ability of future generations to meet their own needs.
Identities
Identities refer to the unique representation of individuals, organisations, devices, or software within a network or system. Digital identities can include a wide range of information, such as usernames, digital certificates, and cryptographic keys, used to authenticate and authorise entities in digital transactions and interactions.
Wood Products
Wood Products refer to a wide variety of goods derived from trees and forests, including lumber, plywood, paper, furniture, and other items made from wood fibres. These products are integral to numerous industries and everyday life, offering benefits such as carbon sequestration, renewable material, and versatility.