In our digital world, where cyber-attacks are as easy as they can get, centralized networks are failing to offer premium protection to systems and other financial assets. The solution to this problem is the introduction of decentralized ledgers. These are the ledgers which make use of independent computers in the recording, sharing, and synchronization of transactions, all done in their separate electronic ledgers. There are 3 main advantages of decentralized ledger:
✅Fraud prevention;
✅Increase in transaction speed;
✅Government's inability to meddle.
As for the future perspective, decentralized ledger is expected to outpace digital currencies. Apart from crypto, here are some areas in which the blockchain technology is most likely to be used:
✅ Smart contracts;
✅Identity management.
Security is one thing that the decentralized ledgers are known for, which results in low identity fraud risk.
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