of lists, which are organized in Blocks for each time period. These Blocks consists of information
about the transactions, and provides a reference to the previous Block, thus, the present Block
links to the prior Block to form a Blockchain. Generally, one Block contains the information about
a set of transactional records for a particular period of time or fixed memory size.
Importance of Distributed Ledger Technology
Distributed ledger technology based transactions enable faster, safer, and economical
transactions as compared to conventional transaction systems. This is due to the fact that
conventional transaction systems refer to central administrator or centralized data storage
system. Moreover, distributed ledger technology can be used to build a permanent and
transparent ledger system for gathering data on exchanges, real-time tracking of digital
transaction and payments, and to prevent frauds and errors. All the information stored in
distributed ledger becomes unchangeable, and can be accessible from each node of a network
as it becomes identical replica. Hence, if any changes are made in the register, it will be reflected
and copied to every user’s database within a span of seconds. Therefore, digital ledgers are
more secure and to make a successful cyber-attack, a hacker needs to attack all the distributed
copies, simultaneously.
Read detail market study @
https://www.coherentmarketinsights.com/ongoing-insight/distributed-ledger-technology-market-1131
Regional Insights
The distributed ledger technology market is segmented on the basis of geography including
North America, Europe, Asia Pacific, Latin America, Middle East, and Africa regions. The market
in North America is expected to be dominant in the global market. This is owing to rising
awareness and increasing applications of this technology in various segments. For instance,
according to IoT Newsletter Organization in 2017, U.S. Department of Energy is exploring the
application of blockchain technology for the management of next-generation power grids. This
in turn boosting growth of the distributed ledger technology market.
Rising demand for e-Commerce in emerging economies such as China and India is another factor
for growth of the markets. According to Coherent Market Insights’ analysis, in 2016, China
accounted for over 63% of digital buyers in Asia Pacific followed by India and Japan. Hence, Asia
Pacific accounted for over 10% of global retail e-Commerce sales in 2016. This is owing to
increasing implementation and improving blockchain services in this region. Blockchain is used