Distributed Ledger Technology (DLT), commonly used in reference to blockchain, has been the source of much excitement in the past couple of years. Discussions centering upon ‘trust’, ‘immutability’, and ‘security’ have promoted DLT as a future general purpose technology applicable to all walks of life. At the same time, however, a number of lingering questions remain about the real potential of DLT: how long will it take to implement? Can it effectively scale? What is the difference between a private database and a distributed ledger? Perhaps most importantly, why would a business want to use it?

Below, a thorough explanation is given concerning the importance and applicability of DLT. In light of this explanation, a more concise analysis of the Ambrosus Network (AMB-NET) is provided, detailing specifically how AMB-NET is truly on the cusp of digital innovation and how such a network provides very practical and unique enhancements to most blockchains that currently exist.

Distributed Ledger Technology: Understanding the Full Scope of a General Purpose Technology

A general purpose technology can be understood to be a technology which provides numerous enhancements to the global economy in its various manifestations and dimensions. General purpose technologies are most often tools which can be readily applied to a multitude of situations, and which provide innovative solutions that lead to enhanced value and efficiency. Previous GPT’s such as the steam engine, the lightbulb, and the computer have each inaugurated paradigm shifts for the global economy and the world in which they began. Changes from farming and transportation, to military industrial planning and science are all equally altered by general purposes technologies.

In the context of the 21st century, Distributed Ledger Technology is the premium ‘general purpose technology’. Amidst a storm of innovation ranging from Machine Learning and Artificial Intelligence (AI) to the Internet of Things and 3D printing, blockchain as it is commonly referred to, is the core technology promising to radically alter and change almost every area of life as it is currently understood. The root of the potential behind distributed ledgers, centers upon a number of defining characteristics:

Immutable: Distributed ledgers known as blockchains, are comprised of blocks of data which consecutively connect with one another as they are validated by various nodes on the network. Once a block has been validated, and incorporated into the chain of all previous blocks, all of the data contained within is permanently etched onto the blockchain. No data can ever be deleted or modified, but on the contrary, the history of all assets can be traced back to their origins at any moment.

Distributed ledgers known as blockchains, are comprised of blocks of data which consecutively connect with one another as they are validated by various nodes on the network. Once a block has been validated, and incorporated into the chain of all previous blocks, all of the data contained within is permanently etched onto the blockchain. No data can ever be deleted or modified, but on the contrary, the history of all assets can be traced back to their origins at any moment. Accessible: For a permissionless blockchain, where the network is open to any stakeholder wishing to participate, every transaction is accessible to all other third parties interested in the network. While some transactions may contain specific meta-data only, a timestamp and ID for each transaction is always publicly verifiable.

For a permissionless blockchain, where the network is open to any stakeholder wishing to participate, every transaction is accessible to all other third parties interested in the network. While some transactions may contain specific meta-data only, a timestamp and ID for each transaction is always publicly verifiable. Distributed: With no centralized authority in charge of the network, a number of different actors participate together to form the distributed system. A copy of the ledger is kept by each node on the network, so that in the event of a node failure, the network is still capable of operating at its normal capacities. Additionally, no centralized authority possesses the capability of controlling other network operators as authority is shared among the various network participants.

With no centralized authority in charge of the network, a number of different actors participate together to form the distributed system. A copy of the ledger is kept by each node on the network, so that in the event of a node failure, the network is still capable of operating at its normal capacities. Additionally, no centralized authority possesses the capability of controlling other network operators as authority is shared among the various network participants. Secure: In virtue of a blockchain’s distributed nature, there is no single vulnerability or inflection point. In the event that a node on the network is compromised the network may remain stable unless a majority of node operators have been compromised. In this sense, DLT is optimal for preventing cybersecurity attacks that could comprise entire systems.

In virtue of a blockchain’s distributed nature, there is no single vulnerability or inflection point. In the event that a node on the network is compromised the network may remain stable unless a majority of node operators have been compromised. In this sense, DLT is optimal for preventing cybersecurity attacks that could comprise entire systems. Automatic: Pre-programmed contracts known as ‘smart’ contracts, allow for clear rules to be set on the network for the various participants involved. Through such automatic processes, network participants are able to communicate and transact with one another through a ‘trustless’ mechanism that decides the rules of transactions.

In light of the various characteristics that DLT possesses, the real value of the technology centers upon efficiency: distributed ledgers are uniquely capable of maximizing data flows among a wide variety of network participants in a customizable and secure manner. Data that is publicly stored can be shared, and directly integrated into other applications that any third party can easily access. From a broader perspective, blockchain allows for a secured, and rule-based system of open data storage and sharing for the benefits of any interested party, and as a defense against any dishonest stakeholder.

Distributed Ledger or Centralised Database?

The heart of the difference between a distributed ledger and a private database centers upon data autonomy and accessibility. Private databases are centralized in an ‘Owner to User’ dynamic: one authority has control over the database in question, and selective users are given the opportunity to edit or modify a piece of that structure — however always with oversight by the central owner. In effect, the overall security of data is vulnerable; if the ‘Owner’ of the database is hacked or suffers a severe cyberattack, then all of the data contained within is forfeited. At the same time, companies who store their data in an outsourced database, cannot control what the ‘Owner’ company does with such data: the ‘Owner — User’ dynamic can thus be exploited by the ‘Owning’ party to influence consumers or customers in unauthorized ways.

In contrast, a blockchain is not only heavily secured against cyber-attacks, but it is uniquely capable of connecting various actors into mutually beneficial or cooperative endeavors: each participant has the capability of only sharing the information they wish to or are required to, while also accessing the same information from others. By using a common ledger, information is easily facilitated among stakeholders, resulting in seamless data flows. At the same time, the ‘Owner — User’ relationship is replaced by multiple ‘user to user’ relationships based upon pre-programmed smart contracts, publicly verifiable by any third party.

Data as the New Commodity: A Survey of Global Industries

“Data is the new oil” is the controversial phrase that has been often used to discuss the future value allocated to data. Maximal amounts of information ranging from consumer preferences, to internal inventory planning, hold serious promise of maximizing business efficiency, improving customer service, and making faster decisions. At its core however, distributed ledger technology is the backbone of the data revolution: data that can be tampered with, or that is not stored effectively, is dangerous and counterproductive. Distributed ledgers, beyond capably storing data immutably, also possess the ability to connect numerous unrelated parties in a trusted and decentralised network. The fundamental value proposition of blockchain, is therefore closely aligned with rising demand for quality data.

When applied to numerous global industries or facets of life, the future value proposition of distributed ledgers and the underlying reason for their function as a general purpose technology becomes clear:

Finance: Perhaps the most well-known use case for distributed ledger technology is in the financial industry. From financial product operability, to security tokens, and up to the day to day payment processing of digital currencies, blockchain is capable of ensuring quick, automatic, and secure payment information. Through security tokens, original financial products can be designed while new companies can access new forms of private capital. Companies interested in incorporating DLT into their financial operations include large portions of Wall St., independent traders, financial services companies, and the average consumer.

Perhaps the most well-known use case for distributed ledger technology is in the financial industry. From financial product operability, to security tokens, and up to the day to day payment processing of digital currencies, blockchain is capable of ensuring quick, automatic, and secure payment information. Through security tokens, original financial products can be designed while new companies can access new forms of private capital. Companies interested in incorporating DLT into their financial operations include large portions of Wall St., independent traders, financial services companies, and the average consumer. Supply Chain Management: In line with the overarching goals of the Ambrosus Ecosystem, supply chain management has been described as the ‘killer application’ of distributed ledger technology. Digitalizing supply chains in transparent, secure, and distributed ways allows for increased business productivity, while also radically changing a consumer’s access to the product and the story behind the product at hand. Secure data management, especially in permissionless blockchains like AMB-NET re-orient global production models, back around the consumer.

In line with the overarching goals of the Ambrosus Ecosystem, supply chain management has been described as the ‘killer application’ of distributed ledger technology. Digitalizing supply chains in transparent, secure, and distributed ways allows for increased business productivity, while also radically changing a consumer’s access to the product and the story behind the product at hand. Secure data management, especially in permissionless blockchains like AMB-NET re-orient global production models, back around the consumer. Energy: In relation to the energy industry, distributed ledgers have the possibility of completely revolutionizing the nature of monitoring and selling clean energy for any interested and capable third party. Through leveraging the distributed nature of blockchain, energy can now be immediately collected, marketed, and sold between multiple parties at a time without any overarching authority. The cost of energy, in contrast to its previously monopolized status, can now be left to market forces depending on the amount of supply or demand.

In relation to the energy industry, distributed ledgers have the possibility of completely revolutionizing the nature of monitoring and selling clean energy for any interested and capable third party. Through leveraging the distributed nature of blockchain, energy can now be immediately collected, marketed, and sold between multiple parties at a time without any overarching authority. The cost of energy, in contrast to its previously monopolized status, can now be left to market forces depending on the amount of supply or demand. Smart Cities and Resource Allocation: For cities, the benefits of blockchain not only lie in the ability to connect any ‘smart city’ type of data to a distributed ledger, but to also manage and organize internal documents, financial resources, or confidential files. By leveraging a distributed ledger, payment transactions and budgeting can effectively acquire completely new layers of trust. Charity models or development aid, concentrating on supplying other parts of the globe with resources, can now be made more transparent and efficient through the use of blockchain. Future technologies such as Internet of Things, Machine Learning, and Artificial Intelligence can be used in cities and by individuals while also undergirded by a safe and secure network.

For cities, the benefits of blockchain not only lie in the ability to connect any ‘smart city’ type of data to a distributed ledger, but to also manage and organize internal documents, financial resources, or confidential files. By leveraging a distributed ledger, payment transactions and budgeting can effectively acquire completely new layers of trust. Charity models or development aid, concentrating on supplying other parts of the globe with resources, can now be made more transparent and efficient through the use of blockchain. Future technologies such as Internet of Things, Machine Learning, and Artificial Intelligence can be used in cities and by individuals while also undergirded by a safe and secure network. Data Storage and Smart Printing: Decentralised data storage and secure smart printing further allows for safer file storage, as well as more secure 3D printed designs. As a trustless and open network, distributed ledgers can ultimately facilitate an additional layer of data security and transmission through smart contracts. For the increase in overall data output, any industry needing secure data storage space, or a place to showcase patents and intellectual property will inevitably turn to distributed ledger technology.

As the various applications of DLT indicates, a distributed ledger in itself is not necessary a type of technology that performs a stand-alone function: rather it functions as the backbone or underlying core of the more important product or service being offered; In finance this is to secure the trade and record keeping of assets, securities, and day to day money. In supply chain management, this is to facilitate safer and more transparent product movement. In energy, this is to keep better track of energy production and distribution. Altogether, for businesses, blockchain’s central value proposition is in improving data flows for both business efficiency purposes, and for consumer needs; distributed ledgers facilitate maximal connectivity between stakeholders in a trustless and transparent manner.

The Real Value behind AMB-NET:

For AMB-NET, the core of the Ambrosus Ecosystem, the unique design of the Network has been made specifically for enterprise usage: companies are able to easily connect to the Ambrosus Network in order to begin storing and processing their data for optimal use. More practically, companies have the ability to leverage a product that functions as an all-in-one solution: data can be stored, configured, and displayed to the end consumer, while sensors can be ‘fitted’ to the areas of the supply chain that are most vulnerable. For companies willing to invest in their own Enterprise Hermes Masternode, the complete solution is incredibly cost-effective.

Ultimately, AMB-NET takes the complicated and innovative facets of distributed ledger technology, and then practically lowers the barrier of access for any interested entrepreneur or business. Such a strategy is highly beneficial for facilitating widespread adoption of the Ambrosus Ecosystem. AMB-NET unlike many other distributed ledgers, is a ready-to-use solution specifically designed for enterprise needs. When it comes to actually applying DLT to the real world, AMB-NET is the difference in time well spent, costs well used, and data well managed. For both businesses and the end consumer, AMB-NET makes the step between the present and the future seamless.