A digital ledger is a continually updated information database with all transactions. It is made up of many blocks (each of which contains at least one transaction), which are connected together into a chain using cryptography. In other words, the subsequent block will include the prior block’s cryptographic identities. As a result, if any previous block has a fault, it will affect all subsequent blocks in the chain.

A Distributed Ledger:

• Eliminates the need for centralized information processing and validation of transactions.
  Data records are only recorded in the ledger when all stakeholders reach consensus
• Offers a verifiable and trackable history of all information saved on a certain data set in chronological order
• Is distributed to each network participant and kept updated, so all participants have the same exact data

A peer-to-peer network (P2P) is a decentralized approach for communicating amongst numerous users, also known as peer nodes, that does not rely on any central servers or other nodes. In a P2P network, each party can function as both a client and a server. This implies that once the network is established, each participant will have a copy of the ledger. It may then be used to distribute and store files without the need for an intermediary. Many enterprises also use P2P networks outside of blockchain as part of their business strategy to meet their privacy needs.

• Decentralizing digital database and management rights eliminate the intermediary in traditional models, allowing members to communicate information directly with one another.
• All data records are copied by all nodes to maintain system continuity and to limit single point failures (SPOF) and denial of service (DoS).