Blockchain Technology, also referred to as Distributed Ledger Technology (DLT), arouses technology enthusiast interest based on the aspect of decentralization.
We will describe the decentralization brought about by DLT in two successive examples. An example of a centralized system is where a person in California, US, requires services from the government. The only way to access the services will be to travel to Washington D.C., US, to secure the services is a centralized system.
However, with the development of society, not to mention the need to enhance the efficiency and quick process to provide the services, the Government relinquishes the services from Washington D.C., US to all states in the US, including California, US. As a result, it means that instead of looking for money, booking a flight to Washington D.C., US, you can now access the services at your local state offices – this is a model of a decentralized system.
As time goes by, the process becomes tedious; therefore, the Government provides an open system that you can access all these services at the comfort of your house – this is an extensive model of a centralized system. Therefore, if you want to conduct due diligence on a property to purchase, you merely check the Government portal and find all information on the previous owners to the current owner. All transactions effected on the land such as mortgages leases, among others.
These successive examples merely give an impression on what amounts to decentralization, which should give a glimpse of what Blockchain / DLT offers. However, the key difference is the model on anonymity under the DLT projects.
Our team is conversant with the DLT systems, not to mention capable of developing one to the client's interests.