Distributed Ledger Technology

Distributed ledger technology (DLT), including blockchain technology, enables tamper-resistant data storage across various computing devices (referred to as nodes). Further, it allows for the deployment and execution of smart contracts in decentralized applications (DApps). In the presence of (Byzantine) faults, a distributed ledger is kept in a consistent state using a consensus mechanism. The characteristics of DLT are reflective to those of traditional notaries and, thus, can increase trust between parties in the reliable execution of defined processes (e.g., transfer of digitized assets). Research on DLT is interdisciplinary and poses questions from various perspectives, including technical, economical, game-theoretical, and social perspectives.