South Korea’s distributed ledger technology is to become a global standard.

The Ministry of Science and ICT and the National Radio Research Agency said Thursday that the standardization committee of the International Telecommunications Union has adopted South Korea’s three theses on distributed ledger technologies for global standardization. The ITU made the decision in a meeting of members late last month.

The distributed ledger, often called a shared ledger, is “a consensus of replicated, shared and synchronized digital data geographically spread across multiple sites, countries or institutions.”

No central agency is necessary for managing the ledger because it is a peer-to-peer network. The ledger becomes possible thanks to blockchain.