3. Distributed Ledger Technology (DLT)

A distributed ledger is simply a database that exists across several locations (scattered) and among multiple participants (called nodes) across a large network of computers at the same time.

4.2 Blockchain as a type of DLT (Part 2 of 2)

If we have consensus as a sailing crew, then we all agree on the route we will take, so consensus is agreement and mutual approval. The blockchain establishes an agreement between all the participants in the network to determine who in the network is allowed to append a block to the chain.

12. Decentralised autonomous organisations (DAO)

A DAO is like a well-built boat – made to conquer the unknown. DAO is a new organisation form where the management and operational rules of the organisation are typically encoded in the form of smart contracts on the Blockchain. It (the DAO) can operate autonomously with limited central authority or management hierarchy.