Distributed ledger technology (DLT), often referred to as blockchain, is a decentralized database, shared by participants of a network. The participants at each node of the network can access the records shared across that network and can own an identical copy of it. It involves a unique combination of seven characteristics: decentralized data storage, immutability, cryptography, a single point of truth, programmability, transparency and identifiability or pseudonymity. The most prominent use of DLT is the cryptocurrency Bitcoin, but cryptocurrencies (a special form of token that can be utilized to initiate payments) were only the first implementation of DLT. It has the potential to increase efficiency and improve quality in several industries.