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 it the best of breed solution playing an equally important role as a blockchain technology and setting a new standard for it.
It has been around more than two years the NEM blockchain platform came into existence. Its primary aim was to uncover the potential of the blockchain technology and quickly allow to build applications on top of the platform.
NEM takes an entirely different approach while most of the blockchain initiatives focus on the blockchain ledger, all having subtle variations and different flavors in their execution process.
The emphasis of NEM is not only on the functionalities and features of a powerful blockchain but also incorporates other equally important elements like:
There are sufficient pieces of evidence suggesting that the plurality of systems along with disjointed monolithic systems within financial organizations only intensify the operational risks and inefficiencies that we are facing today.
It has been an everlasting issue, with an aggravated impact each passing year, as financial offering and services get added onto the central banking mechanism.
Here, Blockchain comes as a possible long-term solution that can allow:
By providing a blockchain platform that can meet all above needs, any financial institution would experience the benefits immediately. NEM is such a blockchain platform.
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 another manner.
The approach is to keep a smart contract 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.
NEM Blockchain Platform was launched to provide a platform that is:
A second iteration, Catapult is also an extension of the NEM blockchain technology, launched in March 2015. It was introduced in various stages, beginning from the Q1 of 2017. Mijin is the predecessor of Catapult. Both are permissible blockchains. The difference in the development is that Mijin is an extension of NEM public blockchain. The former is the second version, Catapult, shall be the reverse. Means, it shall be an extension chain into the NEM blockchain.
It’s specifically developed to allow the addition of more features and functions to bolster the financial sector where Blockchain’s critical features and functions are required.