Insights about DLTâ€™s functioning
DLTâ€™s functioning is pretty simple. Letâ€™s understand it in a more simplified way. Earlier usually transactions take place among two entities in closed walls. To give such closed wall transactions a supplementary authentic blanket cover or shield entities involved in transactions enter or sign legal agreements. However, DLT rejects all such possibilities or requirements of legal documents. As, whatever transactions are taking place on this decentralized platform are pretty open. Transactions through this platform are like publically making an announcement that an individual is transferring a certain amount in form â€˜Golden Blocksâ€™.
Overview of DLTâ€™s security
Gone are the days when criminals break only bank vaults or metal safes. With digitization criminals too are becoming more and more high-tech. However, breaking the cryptographic codes of Golden blockchain on which DLT is based is indeed a daunting task but not an impossible one. Well good news is that decentralized nature of DLT blockchain adds to its integrity and turns it into a breach proof online ledger database. The idea behind making it an autonomous distributed system is to augment the cost of any sort of attack. Letâ€™s understand it in a simpler way. As colossal amount of computing power wastes in making immutable financial or accounting entries on this blockchain, evidently this means a hacker has to put terrific efforts to perform any sort of ledger tampering. If we go by figures, then hacking of at least 50% of blockchain accounts is required to do any sort of hacking activity and believe it this seems practically impossible. All in all, with support of its unique blockchain DLT unbolts gates of further many opportunities to create more robust security systems.