Lodging technology is a decentralized digital solution tracking documenting and facilitating transactions. These transactions create a continuously growing list of records call blocks. These blocks are linked together to form a chain that is linked and secured using cryptology.
What chain is one type of distributed ledger? The ledgers use independent computers referred to as nodes to record share and synchronize transactions.
The invention of distributed ledgers represents a revolution in how information is gathered and communicated. It applies to both static data a registry, and dynamic data transactions. Distributed ledgers allow users to move beyond the simple custodianship of database and divert energy to how we use, manipulate and extract value from databases less about maintaining a database, more about managing the system of record.
Cryptography prevents tampering and fraud. Each interaction is documented in a database that relies on each previous, timestamp transaction to verify and execute an exchange. Lodging technology was first utilized for financial transactions but can be applied to a variety of industries such as e-commerce, supply chain management, and data integration. This self-sustaining database can be used by businesses for documenting exchanges and eliminating fraudulent transactions. These software solutions provide the framework to create applications that rely on any kind of transaction.