DISTRIBUTED LEDGER TECHNOLOGY
Distributed ledger software platform can easily customize need of each entity automation and connect digitally with one platform across SCM value chain. Real Variable thrives on creating untapped values for the customers applying Blockchain.
Transactions are complex. Blockchain can help make it simpler.
- Reduced potential for errors
- Process improvement
- Improve speed of transactions
It is digital ledger of transactions that is duplicated and distributed across the entire network of computer systems. Each block in the chain contains a number of transactions, and every time a new transaction occurs on blockchain, a record of that transaction is added to every participant’s ledger.
A decentralized database managed by multiple participants is known as Distributed Ledger Technology (DLT). Blockchain is a type of DLT in which transactions are recorded.
A smart contract is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code.
Smart Contracts Working
- A Contract is created between two anonymous parties and stored on public ledger.
- The contract self-executes as per written codes based on some triggering events which are preset.
- Stakeholders can analyze all the activities.