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What Are Blockchain and Distributed Ledger Technology ("DLT")?

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We've all heard of the blockchain technology allegedly 'disrupting' all kinds of industries.  Blockchain had promised to introduce a key 'digital' element in disparate fields, from finance to tech, and even to that conservative beast called 'the Law' - but so far such promises have not borne fruit. The question is, what is blockchain? Essentially, it can be considered as a form of Distributed Ledger Technology ("DLT").