Distributed Ledger Technology: Beyond Bitcoin: Distributed Ledger Technology and Decentralized Identifiers

1. Introduction to Distributed Ledger Technology (DLT)

distributed Ledger technology (DLT) represents a paradigm shift in how information is gathered and communicated. It is not merely an extension of existing database technology, but a new way of thinking about trust, data sharing, and record-keeping. The essence of DLT lies in its ability to distribute consensus across a network of participants, where each has access to a shared ledger that is updated in real-time. Unlike traditional databases managed by a central authority, DLT operates on a peer-to-peer basis, reducing the need for intermediaries and increasing transparency and security. This technology underpins cryptocurrencies like Bitcoin, but its potential applications are far broader, ranging from finance to healthcare, supply chain, and beyond.

Here are some in-depth insights into DLT:

1. Decentralization: At the heart of DLT is the principle of decentralization. Instead of having a central administrator, DLT allows for a distributed database that is managed by multiple participants. This is achieved through consensus algorithms that ensure all copies of the distributed ledger are synchronized and accurate.

2. Immutability: Once data is recorded on a DLT, it becomes very difficult to alter. This immutability is ensured through cryptographic hashes, which are unique digital fingerprints for data. Any attempt to change recorded data would be evident and rejected by the network.

3. Transparency and Auditability: All transactions on a DLT are visible to every participant, which brings unprecedented levels of transparency. This makes DLT particularly useful for applications that require a high degree of auditability, such as financial transactions or supply chain management.

4. Smart Contracts: DLT can be programmed with smart contracts, which are self-executing contracts with the terms of the agreement directly written into code. They automatically enforce and execute the terms of a contract when predetermined conditions are met.

5. Consensus Mechanisms: DLT relies on consensus mechanisms to validate transactions. These mechanisms can vary from Proof of Work (PoW) used by Bitcoin, which requires computational work, to Proof of Stake (PoS), which depends on the participant's stake in the network.

6. Interoperability and Scalability: Challenges such as interoperability between different DLT systems and scalability need to be addressed to achieve widespread adoption. Solutions like sidechains and sharding are being explored to overcome these challenges.

7. Use Cases Beyond Cryptocurrency: While DLT is the backbone of cryptocurrencies, its use cases extend to other sectors. For example, in supply chain management, DLT can track the provenance of goods, ensuring authenticity and compliance.

Example: A practical example of DLT in action is the tracking of pharmaceuticals from manufacturer to end-user. Each step of the process can be recorded on a blockchain, ensuring that the drugs are not counterfeit and have been stored under the correct conditions, providing end-to-end traceability.

DLT is not without its challenges, including regulatory uncertainty, technological complexity, and resistance from entrenched interests. However, its potential to create more efficient, transparent, and secure systems is driving innovation across multiple industries. As we continue to explore the capabilities of DLT, it is clear that its impact will go far beyond the initial excitement around cryptocurrencies, potentially transforming the very foundations of how we conduct business and govern society.

2. From Bitcoin to Broad Applications

Distributed Ledger Technology (DLT) has undergone a remarkable evolution since the inception of Bitcoin in 2009. Initially conceived as a peer-to-peer electronic cash system, Bitcoin introduced the world to the concept of a decentralized ledger, immutable and transparent, maintained by a network of nodes. This breakthrough laid the groundwork for a plethora of innovations that extend far beyond the realm of digital currencies. Today, DLT is at the forefront of a technological revolution, with applications that promise to transform industries by enabling secure, transparent, and efficient transactions.

1. Smart Contracts: Ethereum, introduced in 2015, expanded upon Bitcoin's foundational technology by incorporating smart contracts—self-executing contracts with the terms of the agreement directly written into code. This innovation opened the door for decentralized applications (dApps) and the creation of decentralized autonomous organizations (DAOs).

2. Supply Chain Management: Companies like IBM have leveraged DLT to enhance supply chain transparency and efficiency. For example, Walmart uses blockchain to track produce from farm to shelf, significantly reducing the time needed to trace the origin of food products.

3. Digital Identity: Decentralized identifiers (DIDs) are an emerging aspect of DLT, allowing individuals to create and manage their digital identities without relying on centralized authorities. Microsoft's ION network is an example of a DID network that operates atop the Bitcoin blockchain.

4. cross-Border payments: Ripple's XRP Ledger offers a solution for fast and cost-effective cross-border payments, challenging traditional banking systems by reducing the need for intermediaries.

5. Tokenization of Assets: DLT enables the tokenization of real-world assets, such as real estate or art, allowing them to be bought, sold, and traded more easily. Platforms like Polymath are leading the way in security token offerings (STOs).

6. Voting Systems: Blockchain technology is being explored as a means to secure electronic voting systems, with the potential to increase accessibility and reduce fraud. Projects like Voatz have conducted pilot tests to demonstrate this capability.

7. Energy Trading: Platforms like Power Ledger use DLT to facilitate peer-to-peer energy trading, empowering consumers to buy and sell excess renewable energy directly with one another.

The journey from Bitcoin's simple transactional model to these broad applications showcases the versatility and potential of DLT. As the technology continues to mature, it is likely that we will witness even more innovative uses, further embedding DLT into the fabric of our digital society. The evolution of DLT is a testament to the power of open-source development, collaborative innovation, and the relentless pursuit of solutions that challenge the status quo. With each new application, DLT cements its role as a foundational technology for the future.

3. Understanding Decentralized Identifiers (DIDs)

Decentralized Identifiers (DIDs) are a foundational component of a new layer of trust on the internet, enabling verifiable, self-sovereign digital identities. Unlike traditional identifiers such as email addresses or social media handles, DIDs are entirely under the control of the identity owner and are not tied to centralized registries, organizations, or companies. This shift from centralized authority to a decentralized approach is a direct response to the increasing need for privacy, security, and user-control in our digital interactions. DIDs are built on distributed ledger technology (DLT), which ensures that these identifiers are tamper-evident and can be verified by anyone without the need for a central validating authority.

Insights from Different Perspectives:

1. User Autonomy: From the user's perspective, DIDs offer a level of autonomy not previously possible. Users can create and manage their own identifiers without relying on third-party services, which often track and monetize user data.

2. Security: Security experts advocate for DIDs due to their resistance to common attacks such as phishing and man-in-the-middle attacks. Since DIDs do not rely on centralized servers that can be hacked, they reduce the risk of identity theft.

3. Business Efficiency: For businesses, DIDs can streamline processes by enabling secure and direct interactions with customers. This can lead to reduced costs associated with identity verification and fraud prevention.

4. Regulatory Compliance: Regulators see DIDs as a way to enhance privacy and data protection, aligning with regulations like GDPR. By giving individuals control over their personal data, DIDs support the principle of data minimization.

In-Depth Information:

1. Creation and Management: A DID is created by generating a pair of cryptographic keys. The public key is anchored on a DLT, while the private key remains with the user.

2. DID Documents: Each DID has an associated DID document containing public keys, authentication protocols, and service endpoints, which enable trusted interactions.

3. Verifiable Credentials: DIDs are often used in conjunction with verifiable credentials (VCs), which are digital claims that are cryptographically signed by issuers and can be verified by anyone.

4. Interoperability: The DID specification is designed to be interoperable across different DLTs and systems, ensuring that DIDs can be widely adopted and remain future-proof.

Examples to Highlight Ideas:

- Example of User Control: Alice creates a DID for herself and uses it to log in to a service without revealing any personal information. She proves she controls the DID through a cryptographic challenge-response protocol.

- Example of Business Use Case: A bank integrates DIDs into its system, allowing customers to provide verifiable credentials for KYC purposes without submitting physical documents.

- Example of Regulatory Alignment: A healthcare provider uses DIDs to give patients control over their medical records, complying with data protection laws by ensuring patient consent for data sharing.

DIDs represent a paradigm shift in identity management, promising a more secure, private, and efficient digital world. As this technology matures, it has the potential to transform how we interact online, paving the way for a truly decentralized and user-centric internet.

4. The Role of DLT in Enhancing Digital Identity

Distributed Ledger Technology (DLT) has emerged as a revolutionary tool in the realm of digital identity, offering a level of security, transparency, and control that traditional systems have struggled to provide. At its core, DLT enables the creation of decentralized identifiers (DIDs), which are controlled by the identity owner rather than a central authority. This shift from centralized to decentralized control not only enhances privacy and security but also ensures that individuals and organizations can manage their digital identities with greater autonomy. The implications of this are profound, touching upon various sectors including finance, healthcare, and government services, where identity verification is crucial.

From the perspective of individual users, DLT provides a self-sovereign identity, meaning users have the power to reveal only the necessary information without exposing their entire identity. For instance, when proving one's legal age to purchase alcohol, a DID allows the user to share just their age, without revealing their full name or address.

Governments and regulatory bodies view DLT as a means to reduce fraud, improve compliance, and streamline processes. Estonia's e-Residency program is a prime example, where DLT is used to offer a government-issued digital identity that entrepreneurs around the world can use to start and manage an EU-based company online.

Businesses benefit from DLT by reducing the risk of identity theft and the costs associated with identity management. A business can verify the credentials of a potential employee securely and efficiently, without the need for third-party verification services.

Here are some in-depth points on how DLT enhances digital identity:

1. Immutable Audit Trails: Every transaction on a DLT is recorded permanently, creating an immutable history of identity-related transactions. This feature is invaluable for audit purposes and for establishing trust in digital interactions.

2. Interoperability: DLT facilitates the creation of interoperable identity systems. This means that identities can be used across different services and jurisdictions, simplifying the user experience and reducing the need for multiple identity proofs.

3. Consent-Based Sharing: With DLT, users can control who has access to their identity information and for how long, through consent-based sharing mechanisms. This empowers users and ensures compliance with privacy regulations like GDPR.

4. Reduction of Single Points of Failure: By distributing identity data across a network, DLT reduces the risk of data breaches that are common in centralized databases.

5. Cost Efficiency: DLT reduces the need for intermediaries in the identity verification process, which can lead to significant cost savings for both users and service providers.

To illustrate these points, consider the example of a blockchain-based identity system used in a humanitarian context. Refugees, often lacking official documents, can benefit from a DLT-based identity system that provides them with a verifiable and secure digital identity. This identity can then be used to access essential services, such as medical care or banking, which would otherwise be difficult or impossible.

DLT is not just a technological innovation; it represents a paradigm shift in how we conceive and manage digital identities. It offers a path towards a more secure, efficient, and user-centric identity ecosystem, which aligns with the broader trends of digital transformation and the move towards a more interconnected and digital society. The role of DLT in enhancing digital identity is, therefore, a cornerstone in the evolution of how we will interact, transact, and trust in the digital age.

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5. Interoperability and Standards in DLT Systems

Interoperability and standards are pivotal in the realm of Distributed Ledger Technology (DLT), as they enable different systems and organizations to seamlessly connect and exchange information. The importance of these elements cannot be overstated, especially when considering the diverse applications and the need for a unified approach in DLT systems. From financial transactions to supply chain management, interoperability ensures that various DLT platforms can work together without friction, while standards provide the necessary guidelines and protocols for consistency and compatibility across different networks.

1. Cross-Ledger Interactions: One of the primary challenges in DLT interoperability is enabling transactions and information exchange across different ledgers. For instance, the Interledger Protocol (ILP) is designed to connect different blockchains and payment networks, allowing for the seamless transfer of assets. This protocol acts as a bridge, ensuring that value can be transferred quickly and securely between disparate systems.

2. Standardization Bodies: Various organizations, such as the International Organization for Standardization (ISO) and the world Wide web Consortium (W3C), are working on creating standards for DLT systems. These standards cover aspects like data formats, security protocols, and communication methods. For example, ISO/TC 307 is a technical committee dedicated to standardizing blockchain and DLT technologies.

3. Decentralized Identifiers (DIDs): DIDs are a new type of identifier that enables verifiable, self-sovereign digital identities. They are fully under the control of the DID subject, independent of any centralized registry, identity provider, or certificate authority. DIDs are used in conjunction with Verifiable Credentials (VCs) to provide a layer of trust and authentication in DLT systems.

4. Smart Contracts and Chaincode Standards: smart contracts automate the execution of agreements and can trigger actions on DLT systems. Standards for smart contracts, such as those proposed by the ethereum Enterprise alliance (EEA), ensure that these contracts are secure, reliable, and interoperable across different platforms.

5. Data Privacy and Security: With the general Data Protection regulation (GDPR) and other privacy laws, DLT systems must adhere to strict data privacy and security standards. Zero-knowledge proofs and homomorphic encryption are examples of technologies that enable privacy-preserving transactions on DLT systems without compromising security.

6. Consensus Mechanisms: DLT systems rely on consensus mechanisms to agree on the state of the ledger. Standards around these mechanisms, such as Proof of Work (PoW), Proof of Stake (PoS), and delegated Proof of stake (DPoS), are crucial for ensuring network security and performance.

7. Interchain Communication: Projects like Cosmos and Polkadot aim to create an internet of blockchains that can communicate and transact with each other. These projects are developing standards for interchain communication, which will be vital for the scalability and interoperability of DLT systems.

By examining these points, it becomes clear that interoperability and standards are not just technical requirements but also catalysts for innovation and growth in the DLT space. They are the backbone that will support the widespread adoption and evolution of distributed ledgers, ensuring that these technologies can meet the diverse needs of modern society. As DLT continues to mature, the development and adoption of robust standards will be a key factor in its success.

6. DLT Beyond Cryptocurrencies

Distributed Ledger Technology (DLT) has rapidly evolved from its initial association with cryptocurrencies to a broader spectrum of applications that harness its potential for decentralization, transparency, and immutability. While cryptocurrencies like Bitcoin have introduced the world to the concept of decentralized financial transactions, the underlying technology offers a plethora of use cases that extend far beyond the realm of digital currencies. These applications are revolutionizing various industries by enabling secure, peer-to-peer transactions and interactions without the need for centralized authorities or intermediaries.

1. Supply Chain Management: DLT can significantly enhance supply chain transparency and traceability. For example, Walmart uses blockchain to track the journey of food products from farm to store shelves, ensuring food safety and reducing waste.

2. Healthcare: Patient records can be securely stored and shared on a blockchain, giving patients control over their data and ensuring that medical professionals have access to up-to-date information. Estonia's e-health system is a pioneering example of this application.

3. Voting Systems: Blockchain-based voting systems can increase the security and integrity of elections, reducing the risk of fraud and manipulation. Sierra Leone tested a blockchain-based system during its 2018 presidential election.

4. Real Estate: Tokenization of property assets on a blockchain allows for fractional ownership and simplifies the buying and selling process. The RealT platform enables users to invest in U.S. real estate with cryptocurrency.

5. Identity Verification: Decentralized identifiers (DIDs) enable individuals to own and control their digital identities without relying on any central authority. Microsoft's ION network is an initiative to create a DID network on the Bitcoin blockchain.

6. Intellectual Property: Artists and creators can use DLT to prove ownership and manage the distribution of their work. Platforms like Mycelia for music and Po.et for written content are exploring these possibilities.

7. Energy Trading: Blockchain can facilitate peer-to-peer energy trading, allowing consumers to buy and sell excess renewable energy. The Brooklyn Microgrid project is an example of local energy trading using blockchain.

8. Legal Industry: Smart contracts on a blockchain can automate legal processes and agreements, reducing the need for intermediaries. The OpenLaw project is working on creating legal agreements that can self-execute and self-enforce.

9. Education: Academic credentials can be securely stored and verified on a blockchain, making it easier for employers to validate qualifications. The MIT Media Lab issued blockchain-based digital diplomas to graduates as part of a pilot program.

10. Humanitarian Aid: DLT can improve the distribution of aid by tracking donations and ensuring they reach the intended recipients. The World Food Programme's Building Blocks project uses blockchain to distribute cash assistance to refugees.

These examples illustrate the versatility of DLT in addressing challenges across various sectors by providing a secure, transparent, and efficient way to record, store, and transfer data and assets. As the technology matures, we can expect to see even more innovative applications that leverage DLT to create value and improve processes within and across industries. The key to successful implementation lies in understanding the specific needs of each use case and designing systems that are tailored to meet those requirements while ensuring scalability, interoperability, and user adoption.

7. Challenges and Considerations in Implementing DLT

Distributed Ledger Technology (DLT) has emerged as a revolutionary tool that extends far beyond its initial application in cryptocurrencies like Bitcoin. It promises to transform various sectors by enabling secure, transparent, and tamper-proof record-keeping. However, the implementation of DLT is not without its challenges and considerations. These range from technical and operational hurdles to regulatory and ethical concerns. As organizations contemplate integrating DLT into their operations, they must navigate these complex waters with a strategic approach that balances innovation with risk management.

From a technical standpoint, one of the primary challenges is scalability. DLT systems, particularly those that employ proof-of-work consensus mechanisms, can suffer from slow transaction speeds as the network grows. For example, Bitcoin can handle around 7 transactions per second, while Visa can handle over 24,000. This limitation poses significant challenges for DLT adoption in environments that require high throughput.

Interoperability is another technical challenge. With numerous DLT platforms available, there's a lack of standardization which makes it difficult for different systems to communicate with each other. This can be seen in the fragmented landscape of blockchain platforms, where transferring assets or information from one chain to another is not always straightforward.

From an operational perspective, the integration of DLT systems with existing IT infrastructure can be daunting. Many organizations have legacy systems that are not designed to interface with blockchain technology, requiring substantial investment in middleware or complete system overhauls.

Regulatory compliance is a significant consideration. DLT operates in a largely unregulated space, which can be a double-edged sword. On one hand, it offers freedom from traditional financial systems, but on the other, it can lead to uncertainty and risk. Regulators around the world are still grappling with how to approach DLT, and this uncertainty can deter organizations from adopting the technology.

Privacy concerns also arise with DLT. While blockchains are praised for their transparency, this can conflict with privacy regulations such as GDPR in Europe, which mandates the right to be forgotten. Once information is added to a blockchain, it cannot be altered or deleted, which poses a significant challenge to compliance.

Security is a paramount concern. While DLT is inherently secure due to its decentralized nature, it is not immune to attacks. The more value a DLT system holds, the more attractive it becomes to attackers. There have been several high-profile hacks of cryptocurrency exchanges and smart contracts, highlighting the need for robust security measures.

Cost is also a factor. Implementing DLT can be expensive, not just in terms of the technology itself but also the cost of changing business processes, training staff, and maintaining the system.

To illustrate these challenges with examples:

1. Scalability: Ethereum, another popular blockchain platform, has faced significant scalability issues. Its transition to Ethereum 2.0 aims to address these by shifting from proof-of-work to proof-of-stake, which is expected to increase transaction speed and reduce energy consumption.

2. Interoperability: The development of blockchain bridges and protocols like Polkadot and Cosmos is an attempt to solve interoperability issues by allowing different blockchains to communicate and transfer value between one another.

3. Integration: A company like Maersk, in partnership with IBM, developed TradeLens, a blockchain-based shipping solution that integrates with existing systems to improve supply chain transparency. This required significant investment and collaboration.

4. Regulatory Compliance: Ripple, a payment protocol, has faced legal challenges from the SEC in the United States, which claims that its associated token, XRP, is a security and not a currency. This legal battle underscores the regulatory uncertainties surrounding DLT.

5. Privacy: Zcash is a cryptocurrency that uses zero-knowledge proofs to enable transactions without revealing the sender, recipient, or transaction amount, offering a potential solution to privacy concerns on public ledgers.

6. Security: The DAO hack in 2016, where $50 million worth of Ethereum was stolen due to a smart contract vulnerability, serves as a stark reminder of the security risks in DLT.

7. Cost: The implementation of IBM's Food Trust, a blockchain-based system that tracks the supply chain of food products, illustrates the cost considerations. It required significant investment from all participating parties to get off the ground.

While DLT holds immense potential, its successful implementation requires careful consideration of these challenges. Stakeholders must collaborate to develop standards, ensure security, manage costs, and navigate the evolving regulatory landscape. Only then can DLT fulfill its promise as a transformative technology for a wide array of industries.

8. The Expanding Horizon of DLT

As we delve into the future trends of Distributed Ledger Technology (DLT), it's clear that the horizon is expanding far beyond the initial applications in cryptocurrencies. DLT is poised to revolutionize a multitude of industries by enabling secure, transparent, and immutable transactions. This technology is not just about financial transactions; it's about the way information is recorded and shared across various sectors. From supply chain management to voting systems, DLT offers a new paradigm for data integrity and accessibility. The potential for DLT to provide decentralized identifiers (DIDs) is particularly transformative, offering individuals control over their digital identities without reliance on central authorities. This section will explore the multifaceted growth of DLT, examining insights from different perspectives and providing in-depth information through examples and a structured list.

1. Supply Chain Transparency: DLT can track the provenance of goods from origin to consumer, ensuring authenticity and ethical sourcing. For instance, companies like Everledger use blockchain to trace the journey of diamonds, ensuring they are conflict-free.

2. Healthcare Data Management: Patient records can be securely stored and shared among authorized healthcare providers, improving care coordination and patient outcomes. Estonia's e-health system is a leading example of DLT in healthcare.

3. Energy Sector: DLT enables peer-to-peer energy trading, allowing households with solar panels to sell excess energy directly to neighbors. The Brooklyn Microgrid project exemplifies this trend.

4. Voting Systems: Blockchain-based voting can enhance electoral transparency and reduce fraud. Sierra Leone piloted a blockchain-based voting system in a 2018 election, showcasing its potential.

5. Decentralized Finance (DeFi): DeFi platforms use DLT to offer financial services without traditional intermediaries, such as banks. Platforms like MakerDAO allow users to borrow and lend cryptocurrency.

6. Decentralized Autonomous Organizations (DAOs): These are entities that operate without centralized control, governed by smart contracts on a blockchain. The DAO, launched in 2016, was an early example, although it faced challenges.

7. digital Identity verification: DIDs are a game-changer for online identity verification, giving users control over their personal data. Microsoft's ION is an initiative to create a DID network on the Bitcoin blockchain.

8. smart Contracts in Real estate: DLT can streamline property transactions by automating contract execution. Propy, a real estate platform, facilitates international property purchases via blockchain.

9. intellectual Property rights: Artists and creators can use DLT to prove ownership and manage royalties. Platforms like Monegraph and Ujo Music are at the forefront of this application.

10. Cross-Border Payments: DLT reduces the cost and time of international money transfers. Ripple's XRP ledger is designed to facilitate fast and low-cost cross-border payments.

The expansion of DLT into these areas demonstrates its versatility and the growing recognition of its benefits across different sectors. As the technology matures, we can expect to see even more innovative applications that harness the power of decentralized networks to create more efficient, transparent, and equitable systems. The future of DLT is not just an evolution of existing technology; it's a reimagining of how we interact with the digital world.

9. The Transformative Potential of DLT and DIDs

The transformative potential of Distributed Ledger technology (DLT) and Decentralized Identifiers (DIDs) is immense and multifaceted. DLT, which underpins cryptocurrencies like Bitcoin, extends far beyond the realm of digital currencies. It offers a new paradigm for how information is collected, stored, and shared. Coupled with DIDs, which provide a new way to establish and verify digital identity without centralized control, the implications for various sectors are profound. From finance to healthcare, education to supply chain management, DLT and DIDs promise to enhance transparency, security, and efficiency.

1. Financial Inclusion: DLT can revolutionize financial services by enabling banking the unbanked. For instance, in regions where traditional banking is inaccessible, DLT-based systems allow individuals to participate in the global economy through mobile devices, offering services like microloans and peer-to-peer transactions.

2. Healthcare Transformation: In healthcare, DLT can ensure the integrity and interoperability of medical records. By using DIDs, patients can control their medical data and grant selective access to healthcare providers, thus enhancing privacy and enabling personalized care.

3. supply Chain optimization: DLT can provide end-to-end visibility in supply chains. For example, a blockchain can be used to track the journey of a product from manufacturer to consumer, ensuring authenticity and reducing fraud.

4. Educational Credentialing: DLT can be employed to issue verifiable educational credentials, which are tamper-proof and easily shareable with employers or institutions, thus streamlining the verification process.

5. Voting Systems: Implementing DLT in voting systems can increase transparency and reduce electoral fraud. DIDs allow for secure and anonymous voting, ensuring that each vote is unique and counted accurately.

6. Legal and Property Rights: DLT can transform property rights management through smart contracts that execute automatically when conditions are met, reducing the need for intermediaries and lowering transaction costs.

7. Energy Sector: In the energy sector, DLT enables peer-to-peer energy trading, allowing households with renewable energy sources to sell excess power directly to neighbors without going through a central grid.

The convergence of DLT and DIDs is not without challenges. Regulatory hurdles, scalability issues, and the need for widespread adoption are significant barriers. However, the potential benefits are too substantial to ignore. As these technologies mature, they could redefine the very fabric of how society operates, making interactions more democratic, efficient, and secure. The future is not just about transactions; it's about trust, and DLT and DIDs are at the forefront of this transformation.