FLASHBACK May 2021: WEF announces Distributed Ledger Technology for a New Banking System = CBDC ⛓️😈

What Is Distributed Ledger Technology (DLT)?
Distributed Ledger Technology (DLT) is the technological infrastructure and protocols that allow simultaneous access, validation, and record updating across a networked database.

DLT is the technology blockchains are created from. It received more attention from the media and public once it became known that Bitcoin was created using it. DLT is now a buzzword in technology, given its potential uses in industries, enterprises, and governments.

Simply put, a distributed ledger is a database that does not need a third party to ensure recorded transactions are valid and honest. Many users have different access levels to the database. Changes to data are recorded automatically and cannot be changed by a user without permission to do so. In some distributed ledgers, no one can make changes; in others, changes can be made, but they are tracked, and the user that made the changes is known.

DLT allows users to view any changes and who made them, reduces the need to audit data, ensures data is reliable, and only provides access to those that need it.

KEY TAKEAWAYS:
* Distributed ledgers are maintained by a network of nodes, each of which has a copy of the ledger, validates the information, and helps reach a consensus about its accuracy.
* Distributed ledgers have been around for decades but have become more well-known, researched, used, and developed since ₿itcoin was introduced.
* Distributed ledgers can be used in nearly every industry where data is collected and used.
* All blockchains are distributed ledgers, but not all distributed ledgers are blockchains.

When this was announced people naïvely believed the WEF would be using ₿itcoin (and other Decentralized Cryptocurrencies) to usher in a new age of Digital Financial Freedom. Boy, were we ever wrong.

Instead, the WEF does what all governments do: they borrow ideas and create a similar product, but with all the things you don't want: Inflation, Control over purchases and accounts, monitoring of what you buy to micromanage your life and locate dissenting voices to monetarily punish via a Chinese-style Social Credit Score.

Because the WEF likes the idea of a Blockchain system, that countless businesses and websites also use, the ignorant tin foil hat crowd immediately assumed ALL Blockchain is bad. This is like thinking all guns are bad and have no use for free people because the Government carries them too.

Original Video by Crypto Viewing: https://www.youtube.com/watch?v=QWLRWsqQ2Bs

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