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  • NEM Blockchain Platform: A Long Shot, But Well Worth Trying

    NEM blockchain technology

    What is NEM Blockchain Platform?

    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:

    • 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, and thereby reaping the benefits of the blockchain ledger;
    • and scalability

     NEM blockchain Platform Aims to Achieve

    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:

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

    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.

    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 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:

    • 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 one single abstraction layer for all the databases so that it can be integrated into any current central banking system and solutions.
    • Enables seamless cross-platform payments, transactions, and settlements through direct transactions while eliminating the need to implement costly, standards and protocol-based m628essaging system.

    CATAPULT

    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.


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