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In DLT, the distributed ledger is more like a shared database that is spread over all the participants or nodes of the network, where their identities are known and verified [21]. Every node makes an identical copy of the ledger and saves it, therefore, updating itself independently [22]. One of the salient features of the distributed ledger technology is that this shared ledger is not monitored by a central authority [23]. Instead, the updates on the ledger are built and recorded independently by every node [24]. Once the nodes reach a consensus [25] with the help of a consensus algorithm, the ledger [26] automatically updates itself and the most recent version of the ledger is saved on each node independently. The architecture of distributed ledgers helps in reducing the cost of trust remarkably [27].

Blockchain technology is a significant use case of the distributed ledger technology [28]. A blockchain is distributed across and managed by decentralized, peer-to-peer networks [29]. Most of the time, all information [30] stored in a blockchain is visible to all the nodes in the network and these nodes may be anonymous. The architecture [31] of the blockchain makes it stand out from other kinds of distributed ledgers as the data on a blockchain is grouped and organized in various blocks [32], which are then securely linked to each other by cryptographic principles [33, 34]. Hence, a blockchain can be termed as a collection of continuously growing records that are immutable and secure [35]. Therefore, it can be said that every blockchain is a distributed ledger, but every distributed ledger doesn’t need to be a blockchain.

The similarities between a blockchain and a distributed ledger are that both of them use public and private key cryptography, i.e., both the technologies use the concept of hashing [36]. Also, both of them make use of the peer-to-peer model for communication between nodes. Any transaction made in either of the technologies is permanent. No central authority has control in both the technologies, making them decentralized [37]. The differences between these technologies are listed below (See Table 2.1) [38].

Table 2.1 DLT vs Blockchain.

DLT	Blockchain
DLT doesn’t require a currency.	Blockchain requires a currency.
The data is not revealed to all nodes.	The data is visible to all nodes.
DLT is not permission-less.	Blockchains are permission-less.
All the nodes are verified before entering into the network.	All the nodes are verified before entering into the network.
The consensus is pluggable at the transaction level.	The consensus is the same across the entire network.
Miners are not required in this scenario.	Miners are required in this scenario.
Legal prose can be attached.	There is no scope for the legal standing of any transaction.
The data is not stored in blocks.	The data is saved in blocks that are linked to each other.