The program that users interact with to access the blockchain network

User-facing application

Distributed Ledgers (also known as DLTs) are databases that are shared and collaborated across websites, firms, institutions and so on. Distributed Ledgers utilize the technology that Bitcoin uses, which is blockchain. Distributed Ledgers exist in several locations and can be accessed by various individuals. 

Distributed Ledgers

Smart contracts are self-executing programs that are coded with the terms of agreement between a buyer and a seller. They run when predetermined conditions are fulfilled. Smart contracts automate transactions to meet two main goals: reducing time loss and participant involvement. 


Smart contracts

* User-facing application
* Smart contract
* Ledger

New York University

IBM Developer Staff. (2020). Get started with blockchain. IBM Developer. https://developer.ibm.com/learningpaths/get-started-blockchain/

Groopman, J. (2021, June 1). Permissioned vs. permissionless blockchains: Key differences. SearchCIO. Retrieved February 9, 2022, from https://www.techtarget.com/searchcio/tip/Permissioned-vs-permissionless-blockchains-Key-differences#:~:text=Permissionless%20blockchains%2C%20also%20known%20as,fully%20decentralized%20across%20unknown%20parties. 

Frankenfield, J. (2022, February 8). Smart contracts: What you need to know. Investopedia. Retrieved February 9, 2022, from https://www.investopedia.com/terms/s/smart-contracts.asp 

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