Distributed Ledger Technology
Distributed Ledger Technology (DLT) is a record of information that fosters transparency and openness, and is distributed across a network.
Distributed Ledger Technology (DLT), much like Blockchain, is a record of information distributed across a network. It fosters transparency and openness. Unlike Blockchain, which is typically a public and open network, DLT is usually a permission network.
A distributed ledger not only restricts who can access it, but also is often governed by a centralized operator. Companies or private entities are interested in distributed ledger technology as a way to better manage their supply chain. These distributed ledgers provide users enhanced privacy, improved auditability, and increased operational efficiency.
Together with other large companies, we use a distributed ledger platform to make the relationship between corporations and their vendors more agile, efficient, and secure.This platform creates a unique digital identity for the provider ́s businesses by using the leading standard protocol promoted by the Alastria association.
Vendors can manage their own digital identity through a verification process shared by these companies. Each certificate and document revised by their client companies will be unambiguously, immutably validated, and recorded over their digital identity. Any subsequent contract process can be reused with the same identity or with other client companies without having to repeat the operation.
This model means a reduction in administrative and bureaucratic paperwork, as it helps achieve an increase in the agility and efficiency in business relationships with service providers.