The protocol inside its coding is so strong and so dumb at the same time that it doesn’t allow you to corrupt it. That’s a good reason to use it
May Khizam, co-founder, SMARTInvest Real Estate by The Grid, recently interviewed Nesar Khan, Managing Director, LightSpeed Tech, about types of blockchain for the RE sector.
Q: If we understand blockchain to be a decentralised database used to keep immutable records, why use it and what are the different types?
A: The protocol inside its coding is so strong and so dumb at the same time that it doesn’t allow you to corrupt it. That’s a good reason to use it. Generally speaking, the blockchain we see today comes in four different formats:
Combination of private and closed or private and open blockchain
Combination of public and closed or public and open blockchain
Q: For firms in property management, for instance, which one do you recommend?
A: If you are a property management firm and it comes to things like rentals or community management, you don’t want the information you have on record, which is sensitive and private to the owners or tenants of your community, to be out in the public. For that reason, you really cannot have a public blockchain servicing you. You need a closed blockchain.
Q: So would you then use a private blockchain or a public and closed one?
A: I would recommend a private and closed blockchain so that data, that being the entire chain of information, is managed in-house within your server so outside parties cannot come inside and have transparency into your database. It is kept within your private blockchain.
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