NEM Blockchain Platform: Everything You Need to Know

In this blog, we have tried to describe how NEM is one of the best blockchain platforms. We have tried to explain why we call NEM blockchain development services the best-of-breed solution playing an equally important role as blockchain technology and setting a new standard for it.

What is the NEM Blockchain Platform

It has been around more than two years since the NEM blockchain platform came into existence. Its primary aim was to uncover the potential of blockchain technology and quickly allow application development on top of the platform.

Most of the blockchain initiatives focus on the blockchain ledger, all having subtle variations and different flavors in their execution process. While NEM takes an entirely different approach.

NEM emphasizes not only the functionalities and features of a powerful blockchain but also incorporates other equally important elements like:

• allowing any development solutions to be executed on top of it;
• an abstraction layer having a complete suite of APIs that enables the ease of integration, thereby reaping the blockchain ledger benefits;
• and scalability

Related Post: Relevance of NEM in Enterprises, Consulting NEM Blockchain Consultant

 NEM Blockchain Platform Aims to Achieve

Today, we are facing operational risks and inefficiencies. The plurality of systems and disjointed monolithic systems within financial organizations only intensify these issues.

It has been an everlasting issue. With an aggravated impact each passing year, financial offerings and services get added to the central banking mechanism.

Here, blockchain comes as a possible long-term solution that enables:

• Reduced costs
• Improved efficiency
• Settlement finality
• Increased efficiency of compliance efforts
• Greater traceability and audibility
• Enhanced structured processes
• Eliminate multiparty dependencies on local and global transactions.

By providing a blockchain platform that can meet all the above needs, any financial institution would experience the benefits immediately. NEM is such a blockchain platform.

Also, Read: A Consolidated List of Best Open Source Blockchain Platforms

Smart Contracts Development on NEM Blockchain

Existing models of smart contracts cost financial organizations billions of dollars to devise the infrastructure over time. Also, transcribing that to a new platform would incur more risks, time, and resources.

NEM addresses this and approaches it in another manner.

The approach is to keep a smart contract as an external component, either centralized or decentralized. The outputs of such smart contracts would then enter their transaction details into the database using a secure transaction process.

Also, Visit: Adoption Value of Smart Contracts for Enterprises

NEM Blockchain Platform was launched to provide a platform that is:

• Inexpensive and easy to deploy with minimal time, risks, and resources.
• Allows a financial institution to execute business as usual but with minimal complexity. Thus, enabling organic growth and development.
• A blockchain platform with numerous ledgers for various use cases- mutually restricted or not- meanwhile, enabling frictionless transactions between databases.
• Has a single abstraction layer for all the databases for easy integration into any current central banking system and solutions.
• Enables seamless cross-platform payments, transactions, and settlements through direct transactions. Meanwhile eliminating the need to implement costly, standards and protocol-based messaging systems.

Suggested Read: The Future of Streaming is Decentralized Blockchain Solutions

Catapult

Launched in March 2015, Catapult is an extension of the NEM blockchain. It is the successor of Mijin. It is set to develop a new design standard in the blockchain domain.

Tech Bureau introduced Catapult in various stages, beginning in the Q1 of 2017. Mijin is the predecessor of Catapult.

Catapult aims specifically to allow the addition of more features and functions to bolster the financial sector. Financial services can benefit from application-specific servers in a decentralized environment.

If you are interested in developing projects on the NEM blockchain, then skilled developers at Oodles can help you out. Contact us today to get started.