Distributed Ledger Technologies and Their Applications: A Review

Abstract

With the success of Bitcoin and the introduction of different uses of Blockchain, such as smart contracts in Ethereum, many researchers and industries have turned their attention to applications that use this technology. In response to the advantages and disadvantages of Blockchain, similar technologies have emerged with alterations to the original structure. Distributed ledger technology (DLT) is a generalized distributed technology encompassing these new variants. Several studies have examined the challenges and applications of Blockchain technology. This article explores the possibilities of using different DLTs to solve traditional distributed computing problems based on their advantages and disadvantages. In this paper, we provide an overview and comparison of different DLTs, such as Hashgraph, Tangle, Blockchains, Side Chain and Holochain. The main objective of the article is to examine whether distributed ledger technologies can replace traditional computational methods in other areas instead of traditional methods. Based on the primary keywords, we conducted a systematic review of more than 200 articles. Based on the data extracted from articles related to the use of DLT, we conclude that that DLTs can complement other methods, but cannot completely replace them. Furthermore, several DLTs such as Sidechain, Holochain and Hashgraph are still in their infancy, and we foresee much research work in this area in the coming years.