A distributed ledger is a database spread across multiple locations, nodes, or institutions in contrast to a single location centralized ledger. One of the primary benefits of a distributed ledger is that there is no single point of failure. Many blockchains utilize distributed ledger technology to process, validate, and authenticate transactions and data exchanges. The vast majority of cryptocurrency-related distributed ledgers, including Bitcoin and Ethereum, rely on various consensus on-chain consensus mechanisms to validate transactions before they become a permanent ledger record.
NFT Term
Distributed Ledger
Definition of Distributed Ledger from the NFTguild.com glossary.
