The power of blockchain and what is involved
When people think of blockchain, they automatically think of Bitcoin and cryptocurrency but the truth of the matter is that blockchain is so much more than that. With industries now waking up to the realisation that blockchain could help their company become more efficient.
Permissionless & permissioned blockchains
There are currently two types of blockchains, permissionless (public) and permissioned (private). With permissioned blockchains becoming popular with corporate entities due to the nature of the business they conduct.
Here we have a permissionless blockchain dealing with a transaction. First a user requests a transaction, then it is broadcast onto the network where the nodes (computers) verify and validate the transaction. When this is complete, the transaction gets added onto the blockchain as a block of data (all encrypted ofcourse).
The difference between a permissioned and permissionless blockchain is that there are assigned nodes that verify and validate transactions on the blockchain. Some private blockchains have difference chanels where the transactions take place so the only people to know about them are the parties involved.
Creating a messaging platform where our clients can have conversations with the best suited adviser linked to them with the conversations being stored on a blockchain. Reason for this being important is that once a message has been sent by either client or adviser, it cannot be tampered with or deleted. This helps us comply with regulatory bodies and gives all parties involved the reassurance that there will not be any fraudulent information involved.